Volkswagen-backed EV battery maker Guoxuan eyes 100 GWh capacity by 2025
Chinese electric vehicle (EV) battery maker Guoxuan High-tech Co Ltd, which is backed by German automaker Volkswagen AG, plans to have annual battery manufacturing capacity of 100 GWh by 2025, an official said on Thursday.
The Hefei-based company will have annual battery building capacity of 28 GWh this year, Huang Zhangxi, a senior official at Guoxuan told an industry conference, adding it was also considering setting up production bases in Germany and the United States.
Shares of Guoxuan, which supplies automakers from Volkswagen to General Motors, jumped over 7% after Reuters reported the plan.
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Chinese battery makers from CATL to Great Wall-linked SVOLT are also building or planning global production bases.