Chinese auto manufacturer Geely will build a plant to manufacture new electric vehicle (NEV) batteries in Ganzhou in China’s Jiangxi province to support the development of its NEV business, as per media reports.
For which, Geely Technology Group has signed an agreement with Ganzhou Municipal Government and Ganzhou Economic and Technological Development Zone Management Committee on March 13, 2021. The plant is a part of the company’s efforts to increase its presence in the NEV market.
The company will invest a total of CNY30bn ($4.61bn) in the plant with a designed capacity of 42GWh per annum. The project will be completed in two phases. The first phase will have an annual capacity of 12GWh, while the second phase will have a capacity of 30GWh when complete. Ganzhou is one of China’s important lithium-producing regions.
In December 2020, Geely Technology Group and Farasis Energy had also signed an agreement to jointly set up a lithium-ion battery joint venture that engages in the R&D, manufacture, and sale of cells, battery modules and battery packs.
China aims to increase its annual NEV sales to 6mn units by 2025, as per media reports citing the Planning for the Development of New Energy Vehicle Industry (2021-2035) issued by the State Council.