(Yicai Global) Dec. 20 -- A subsidiary of Chinese electric vehicle battery maker Gotion High-Tech is to supply a large US carmaker with lithium-ion batteries and the pair will also team up to build a battery factory in the US to realize localized supply, the Volkswagen-backed firm said.
The US client, who has remained unnamed on confidentiality grounds but is said to be listed in the North American country with a high market value, is expected to purchase at least 200 gigawatt-hours-worth of batteries between 2023 and 2028 from US unit Gotion, the Hefei, eastern Anhui province-based company said.
Gotion will also supply lithium iron phosphate, a key cathode material, to the US customer from on
of the parent firm’s Chinese factories, Gotion High-Tech added.
The two parties will build an electric car battery factory in the US to better meet the needs of the US carmaker in the US and other parts of the world. No details were given about the investment, production scale, shareholding ratio or construction timeline of the facility.
The two parties will also explore the feasibility of expanding the JV business to include the raw materials and battery recycling sectors in the future, Gotion High-Tech added.
Gotion High-Tech’s share price [SHE:002074] closed down 4.31 percent at CNY54 (USD8.50) today.
Editor: Kim Taylor