Geely To Add $5 Billion Battery Plant In Ganzhou: Report

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  • The report added that Geely, which owns Volvo Cars and a 9.7 per cent stake in Daimler AG, is competing with Great Wall and Nio Inc
  • China forecasts NEVs will make up 20 per cent of its annual auto sales by 2025 from around five per cent in 2020

As per a report by Reuters, Geely said that it would build an electric vehicle battery factory with a planned annual manufacturing capacity of 42 gigawatt hours (GWh) in China’s eastern city of Ganzhou. The total investment in the project by Geely’s technology arm will be 30 billion yuan ($4.61 billion), according to a separate statement from the local government added the report. Geely’s technology group has previously invested in Ganzhou-based EV battery maker Farasis

China’s government has heavily promoted new energy vehicles

The report added that Geely, which owns Volvo Cars and a 9.7 per cent stake in Daimler AG, is competing with Great Wall and Nio Inc.

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The report added that China’s government has heavily promoted new energy vehicles (NEVs) like battery-powered, plug-in petrol-electric hybrid and hydrogen fuel cell cars. China forecasts NEVs will make up 20 per cent of its annual auto sales by 2025 from around five per cent in 2020.

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