Sixteen Chinese state-owned companies have joined forces to form an electric vehicle industry association in Beijing. According to a Beijing Times report, the association’s goal is to develop electric cars. integrate technological standards and assist Chinese companies to become world leaders in the production of electric vehicles.

The newly formed group also hopes to design a thorough and efficient information sharing system that allowed automakers, battery producers, and associated state resources to exchange information.

The companies are anticipated to invest a total of $14.7 billion on the growing electric vehicles market by 2012.