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.
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Shares of Guoxuan, which supplies automakers from Volkswagen to General Motors, jumped over 7% after Reuters reported the plan.
Chinese battery makers from CATL to Great Wall-linked SVOLT are also building or planning global production bases.