- The Hefei-based company will have annual battery building capacity of 28 GWh this year
- In May, Volkswagen had said that that it planned to pay 1.1 billion euros to acquire 26.5 percent of Guoxuan to become its biggest shareholder
As per a report by Reuters, chinese electric vehicle (EV) battery maker Guoxuan High-tech Co Ltd, which is backed by German automaker Volkswagen AG, plans to have annual battery manufacturing capacity of 100 GWh by 2025 as per an official. Huang Zhangxi, a senior official at Guoxuan told an industry conference that the Hefei-based company will have annual battery building capacity of 28 GWh this year. He added that the company is also considering setting up production bases in Germany and the United States.
Pay 1.1 billion euros to acquire 26.5 percent of Guoxuan
In May, Volkswagen had said that that it planned to pay 1.1 billion euros to acquire 26.5 percent of Guoxuan to become its biggest shareholder. The report added that Chinese battery makers from CATL to Great Wall-linked SVOLT are also building or planning global production bases. LG Chem has also said it is mulling production in Europe and North America to meet demand
LG Chem also said that it plans to triple production capacity for cylindrical batteries used by Tesla and others. The report also said that the company forecast a further rise in its battery sales and profit in the fourth quarter after posting record quarterly earnings due to growing demand for electric vehicle (EV) batteries. It said that sales are continuously expected to grow due to greater shipments of automotive batteries and cylindrical batteries for EVs.