Friday, December 3, 2021

China's Gotion, Great Wall sign power battery deal - Argus Media

Last updated Wednesday, November 24, 2021 03:33 ET , Source: NewsService

Major Chinese lithium-ion battery manufacturer Gotion High-Tech has signed an agreement with domestic auto producer Great Wall Motor for supplies of power batteries during 2022-25.

Gotion's wholly-owned subsidiary Hefei Gotion High-Tech Power Energy will supply no less than 10GWh of power batteries during 2022-25 and no less than 2.5GWh in 2022 to Great Wall Motor Parts, a wholly-owned subsidiary of Great Wall Motor.

Gotion is one of the top 10 battery manufacturers in China with the lithium iron phosphate (LFP) battery its key product. It is on target to reach 300GWh of capacity by 2025.

China's power battery market has developed rapidly in response to rapid development of the country's new energy vehicle industry.

Total output of power batteries rose to 159.8GWh during January-October, up by 250pc compared with the same period of last year, while installed volumes increased by 168.1pc to 107.5GWh over the same period. Production and installed volumes of LFP batteries for January-October were 87.5GWh and 53.2GWh respectively, accounting for 54.8pc and 49.5pc of total volumes compared with 72GWh and 54.1GWh for ternary batteries.

China's CATL, BYD and China Aviation LB were the top three battery manufacturers for installed volumes during January-October at 54.5GWh, 17.9GWh and 6.4GWh respectively, accounting for 50.7pc, 16.6pc and 6pc of the total, followed by Gotion and LG New Energy with installed volumes at 5.5GWh and 5.1GWh and a 5.1pc and 4.8pc share respectively.

Read Full Story: https://www.argusmedia.com/en/news/2276795-chinas-gotion-great-wall-sign-power-battery-deal?backToResults=true

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