Volkswagen-backed Chinese battery maker Gotion High Tech will partner with PTT Group in the production and export of battery modules and packs in Thailand.
According to a Shenzhen filing, Gotion’s Singapore unit will set up a joint venture with Thailand’s PTT for the projects with initial registered capital of 300 million baht (US$8.6 million).
Gotion said the joint venture, which is 49% owned by Gotion and 51% by PTT, will work on batteries for both electric vehicles and energy storage.
The Chinese company said in a separate company statement that it is expected to start production at a battery pack production line in Thailand’s Eastern Economic Corridor (EEC) by the fourth quarter of 2023.
Company chairman Li Zhen said in the statement that the venture will help Gotion’s global expansion.
Gotion, based in Anhui, China, which counts Volkswagen as its largest single investor, plans to locate one-third of its production capacity outside China by 2025.
Chinese battery makers are accelerating production expansion in Europe and Southeast Asia to meet growing demand from electric vehicle makers and energy storage household clients in global markets.
However, many of them have yet to make concrete moves to build factories in the United States due to concerns over higher costs and political risks. (NNT)
 |
 |
 |
