Chinese battery makers are accelerating production expansion in overseas markets dominated by rivals such as Panasonic and LG Energy Solutions.

Chinese battery maker Guoxuan Hi-Tech said it plans to locate a third of its production capacity outside China by 2025 to meet growing demand from overseas electric vehicle (EV) makers and energy storage home customers.

The company, headquartered in Hefei, Anhui province, said in a statement on Tuesday that it plans to build 300 gigawatt-hours (GWh) of total battery capacity within three years, reiterating its goal first announced last year. In 2021, Gotion produced 16 GWh.

The company said 100 GWh of its planned total capacity would be located overseas.

Chinese battery makers are accelerating production expansion in overseas markets dominated by rivals such as Panasonic and LG Energy Solutions.

Gotion’s move follows that of its Chinese rival CATL, the world’s largest battery giant, which aims to start producing batteries at its German factory by the end of this year. Zeng Yuqun, of CATL, said earlier that it was also exploring the possibility of localizing production in its home country for overseas automakers.

Guosen Technology, which counts Volkswagen as its largest single investor, said it will start construction of its first overseas battery factory in Göttingen, Germany by the end of this year, and plans to start production as early as September next year.

The plant, which will be upgraded from the old Gotion plant purchased from Bosch last year, will develop and manufacture batteries for electric vehicles and energy storage in Europe.

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On Monday, the company also launched its first series of energy storage products for overseas markets.

Gotion is China’s fourth-largest electric vehicle battery maker by sales, and its lithium iron phosphate batteries supply automakers such as Volkswagen and Tata Group.

(This story corrected the last sentence of the second paragraph to show 2021 output, not capacity)

(Reporting by Yan Zhang; Editing by Simon Cameron-Moore)

Notes

(This story has not been edited by NDTV staff and was automatically generated from the syndicated feed.)

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