SHANGHAI — Volkswagen-backed Chinese battery maker Gotion High Tech will partner with PTT Group to produce and export battery modules and packs in Thailand, the Chinese company said in a filing in Shenzhen on Thursday. Stated.
Gotion’s Singapore unit will set up a joint venture with Thailand’s PTT for a project with an initial registered capital of 300 million baht ($8.6 million), the company said.
The joint venture, 49 percent owned by Gotion and 51 percent owned by PTT, will work on both batteries. Electric car And energy storage, Gotion said.
By the fourth quarter of 2023, it plans to start production on its battery pack production line in Thailand’s Eastern Economic Corridor, the Chinese company said in a separate company statement.
The cooperation will help Gotion expand globally, the company’s chairman Li Zhen said in a statement.
Gotion, based in Anhui, China Volkswagen As the largest single investor, it plans to place 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 home customers in the global market.
However, many of them have yet to make concrete moves to build factories in the United States due to concerns about rising costs and political risks.
Reuters reported in October that the Chinese battery giant CATL had delayed plans to invest in a North American battery plant over concerns that new US rules on sourcing the necessary materials would drive up costs.