Geely invests around US$5 billion in new electric vehicle battery plant
22. April 2021Zhejiang automaker Geely Holding Group Co. is doubling its spending on e-mobility, investing about $5 billion in a new battery plant in southern China. The Geely Technology Group Co. unit announced in early March that it had signed a contract to that effect with the local government. The company is building a new plant in the city of Ganzhou, Jiangxi Province, for US$4.6 billion. The production facility is to have an annual capacity of 42 GWh.
In addition to Geely Group, other car and battery manufacturers are also expanding their investments in vehicle batteries. These account for about 30 percent of the cost of an electric car. With a fourfold increase and more than an estimated 6 million electric cars on China’s roads by 2025, the demand for batteries will also increase dramatically. As a result, Geely has intensified its electric vehicle activities in recent months. The company entered into collaborations with numerous technology leaders. Well-known collaborations include those with search engine Baidu, Foxconn Technology Group and Tencent Holdings. The vehicles of Geely Group brands rank first in China in terms of sales by domestic manufacturers. Of these, about 5 percent, or 68,142 vehicles, were electric or hybrid vehicles.
Electric vehicles and components such as their batteries must be awarded a CCC certificate in order for the products to be exported to China or manufactured locally. The CCC certificate was introduced in 2002 and is comparable to the European CE marking. If you need CCC certification in the automotive sector, China Certification is an excellent partner for you. We have been advising leading automotive suppliers and vehicle manufacturers on their CCC certifications for years.
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