Chinese battery maker Gotion to invest 11.5 bn yuan in two project to expand capacity

 

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Volkswagen-backed Chinese power battery giant Gotion High-tech plans to invest a total of 11.5 billion ($1.6 billion) in two new battery projects to expand production capacity.

The company will invest 6.7 billion yuan in the Xinzhan High-Tech Industrial Development Zone in Hefei, Anhui province, to build a battery project with an annual capacity of 20 GWh, according to a stock exchange filing. The project is scheduled to be completed and start production 16 months from the date of construction, it said.

Separately, Gotion said that it will invest 4.8 billion yuan in Liuzhou, Guangxi Zhuang Autonomous Region, to build a lithium battery production base with an annual capacity of 10 GWh. The project is scheduled to be ready for production within 13 months from the start of construction.

Gotion is one of China’s largest power battery makers, ranking fourth in September with a 4.3% market share, according to the China Automotive Battery Innovation Alliance.