The two companies are jointly developing a new product.
Tips
usage
协力 (xiélì) usually appears in compounds like 齐心协力 (qíxīn xiélì, unite as one) or 通力协力 (tōnglì xiélì, joint effort). On its own it sounds slightly formal — in casual speech 一起 (yīqǐ, together) or 合作 (hézuò, cooperate) is more common.
