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Image Source : China Visual
BEIJING, October 7 (TMTPOST)— Chinese electric-vehicle battery maker Gotion High-Tech Co. Ltd. (Gotion) plans to invest $2.36 billion in building a battery material plant in Michigan, Governor Gretchen Whitmer said Wednesday, local time.
Gotion won state government support against the backdrop of a federal push to develop the EV industry, the Democratic governor said. Michigan has been the center of the U.S. auto industry for a long time, with vehicle assembly plants and component factories employing thousands across the state.
The plant will be built in a designated industrial park in the city of Big Rapids, where companies can enjoy various tax incentives. The plant is expected to produce 150,000 tons of cathode materials and 50,000 tons of anode materials per year upon completion, according to the public information released by the Michigan State Government. To attract investment from Gotion, the state of Michigan will provide approximately $175 million in incentive funds.
Founded in 1998, Gotion is headquartered in Hefei, Anhui province. In the first seven months of 2022, the company shipped 7 GWh of power batteries, ranking eighth globally, according to market research firm SNE Research. The Chinese subsidiary of Germany"s Volkswagen Group holds a 24.77 per cent stake in Gotion as its major shareholder.
In December 2021, Gotion announced signing a Strategic Supply and Localization Agreement with a large US-listed automotive company. According to the agreement, Gotion will supply 200GWh of lithium iron phosphate batteries to the automotive company from 2023 to 2028. The two parties also discussed the possibility of establishing a joint venture to produce lithium iron phosphate batteries in the United States, whose business would cover not only battery production but also upstream materials and downstream battery recycling.
On September 21, 2022, Li Zhen, Chairman of Gotion, said at the World Manufacturing Conference that the company plans to achieve 300 GWh of battery capacity by 2025, with 200 GWh in China and the remaining 100 GWh in Europe, the U.S. and Southeast Asia.
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