China’s Eve Energy Gains After Securing Land in Hungary to Build Battery Plant
Dou Shicong
DATE:  May 10 2023
/ SOURCE:  Yicai
China’s Eve Energy Gains After Securing Land in Hungary to Build Battery Plant China’s Eve Energy Gains After Securing Land in Hungary to Build Battery Plant

(Yicai Global) May 10 -- Eve Energy’s stock price rose after the major Chinese power battery maker said it has made a deal with local government to buy a plot of land in Hungary to build a factory.

After jumping by as much as 6 percent in Shenzhen earlier today, Eve Energy [SHE: 300014] ended 3.6 percent higher at CNY64.96 (USD9.38) a share.

The operating entity Eve Energy set up in Hungary will buy 450,000 square meters of land in Debrecen for EUR12.9 million (USD14.2 million) to build a cylindrical battery plant, the Huizhou-based company announced yesterday, citing a deal it signed with the local government.

Eve Energy announced in March last year that it had reached a preliminary investment agreement with the government of Debrecen to build its first European plant there.

The battery maker did not reveal how much it plans to spend on building the plant, but according to a Reuters report published yesterday, it will cost EUR1 billion (USD1.1 billion). The plant aims to fulfill German auto giant BMW's lithium battery needs, the report added, citing Hungary’s foreign minister.

In the first quarter of this year, Eve Energy reported a CNY1.1 billion (USD158.8 million) net profit, up 119 percent from a year earlier. Revenue jumped 66 percent to CNY11.2 billion (USD1.6 billion) in the period.

Editor: Futura Costaglione

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Keywords:   Eve Energy,Hungary,EV Battery