(Yicai Global) Oct. 22 -- Guoxuan High-Tech Power Energy shot up by the exchange-imposed limit today on plans to nearly quadruple its lithium power battery production capacity to 100 gigawatt-hours by 2025, internet news hub QQ.com reported today.
Hefei, eastern Anhui province-based Guoxuan's stock price [SHE:002074] leapt 10 percent to close at CNY26.51 (USD4).
China's third-biggest battery maker should reach an output of 80 GWh by 2023, which will lift its revenue that year to CNY40 billion (USD6 billion), almost 10 times last year’s income, the report said, citing Vice President Huang Zhangxi who announced the news at an industry forum today.
Guoxuan will also strive to improve the energy storage capacity of its batteries, raising the energy density of its lithium iron phosphate batteries to 260 watt-hours per kilogram and that of its MnNiCo ternary batteries to 350 Wh/kg by 2022, said Huang.
German carmaker Volkswagen is Guoxuan’s biggest shareholder. Its financial services arm Volkswagen China Investment paid EUR1.1 billion (USD1.3 billion) in May for a 26 percent stake.
Editor: Kim Taylor