Hyperdrive
Geely to Outlay Almost $5 Billion on New China EV Battery Plant
- Factory in China’s south to have annual capacity of 42 GwH
- Rising electric car adoption is spurring demand for batteries
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Chinese carmaker Zhejiang Geely Holding Group Co. is doubling down on electric vehicles, outlaying almost $5 billion to build a new battery plant in the nation’s south.
Geely unit Geely Technology Group Co. said on Monday it had signed an agreement with local authorities to invest 30 billion yuan ($4.6 billion) to construct a factory in the city of Ganzhou in Jiangxi province, according to a statement on the company’s official Wechat account. The plant will have an annual capacity of 42 gigawatt-hours.