Chinese battery maker Gotion saw revenue from overseas surged 358.28% - PingWest

Chinese battery maker Gotion saw revenue from overseas surged 358.28%

Chinese battery maker Gotion saw revenue from overseas surged 358.28%

3 hours ago

Gotion, a Chinese electric vehicle (EV) battery maker, posted its first-half financial report on Friday, with revenue surging 143.24% year-on-year to 8.638 billion yuan ($1.26 billion) and net profit increasing 34.15% year-on-year to 64.62 million yuan. ​​​

The company, which counts Volkswagen as its largest single investor, mainly provides lithium-iron phosphate (LFP) batteries, energy storage batteries and power transmission and distribution equipment services. Among them, LFP cells contributed 76.51% of the company's revenue, and energy storage batteries contributed 14.8% of its revenue.

In the first half of the year, its revenue in the domestic market accounted for 90% of the total revenue, reaching 7.866 billion yuan, a year-on-year rise of 132.53%.

The company's growth rate in overseas markets is astonishing, with a revenue of 772 million yuan, a hike of 358.28% over the previous year.

SNE Research data shows that in the first half of the year, Gotion's LFP batteries installed capacity was 5.8GWh, with a market share of 2.9%, a year-on-year increase of 1 percentage point, ranking 8th in the world.

To meet the growing demand from overseas EV makers and energy storage household clients, Gotion, the fourth biggest EV battery maker in China by sales volume, plans to deploy more capacity outside China by 2025.

In a statement released on June 27, the firm stated that it intends to construct a total battery production capacity of 300 gigawatt hours (GWh) in three years, 100 GWh of which will be situated overseas.

According to the company, its first overseas battery plant in Gottingen, Germany, will be completed by the end of this year and plans to start production earliest next September. The plant, which will be upgraded from an old facility Gotion bought from Bosch last year, will develop and manufacture batteries for uses in EVs and energy storage in Europe.

In addition, its construction plan of LFP cells and supporting industrial bases in North America, Southeast Asia, South Asia, and other overseas markets is progressing steadily.

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