Gotion said further reductions in raw material costs and the introduction of Volkswagen's management system have helped it improve efficiency.
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Gotion will support Pod Point with energy storage systems and battery cells based on its lithium iron phosphate battery product development, design and manufacturing capabilities.
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Gotion's German battery plant is expected to be ready to supply European customers from October and could reach a real-world capacity of 5 GWh by mid-2024.
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The deal is the first major investment in a European startup by a top Chinese global battery maker, with an initial focus on Central and Eastern Europe as well as Morocco.
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Gotion's net profit for the first half of the year reached RMB 209 million, up 223.75 percent year-on-year.
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Gotion's earnings preview implies it will post a net profit of RMB 7,439 to RMB 124.4 million in the second quarter, a year-on-year increase of 129.46 percent to 283.68 percent.
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Gotion's earnings preview implies it will post a net profit of RMB 7,439 to RMB 124.4 million in the second quarter, a year-on-year increase of 129.46 percent to 283.68 percent.
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The pack is based on Gotion's new L600 LMFP cells with an energy density of 240 Wh/kg and will be in mass production in 2024.
(Astroinno Battery. Image credit: Gotion High-tech)
Several Chinese power battery makers have previously announced batteries with ranges of up to 1,000 km, but all are based on nickel-cobalt-manganese (NCM) ternary materials.
Now Gotion High-tech has unveiled a new battery technology, which claims to be able to achieve a range of 1,000 km even without the use of expensive ternary materials.
Hefei, Anhui-based Gotion unveiled its L600 LMFP battery cells based on lithium iron phosphate (LFP) chemistry and a battery pack called Astroinno Battery at its 12th technology conference today.
The L600 LMFP cells have an energy density of 240 Wh/kg, or 525 Wh/L. The cells support 4,000 cycles at room temperature and 1,800 cycles at high temperature, according to the company.
A battery system based on the L600 LMFP cell could have an energy density of 190 Wh/kg, which is higher than the energy density of packs based on ternary chemistry systems that are in mass production now, Gotion said, adding that the new cell will be in mass production in 2024.
The energy density growth of mass-produced LFP cells has faced a bottleneck, and further improvements require chemical system improvements, so the LFP solution with manganese addition was born, said Cheng Qian, Gotion's executive president of international operations.
Gotion unveiled the Astroinno Battery based on L600 LMFP cells, saying that the pack uses a sandwich structure with double-sided liquid cooling technology and minimalist design, resulting in a 45 percent reduction in the number of structural components and a 32 percent reduction in the weight of structural components.
The minimalist electrical design thinking makes the pack's wiring harness length only 26 percent of the previous one, from the original 303-meter harness down to 80 meters, with a volumetric grouping efficiency of 76 percent, according to the company.
The pack has an energy density of 190 Wh/kg, surpassing the energy density of ternary batteries currently on the market, Gotion said.
Gotion is not the first manufacturer to release a 1,000-km range battery pack, but it is the first to achieve that range based on the LFP chemistry system.
CATL, China's largest power battery maker, unveiled Qilin Battery, or CTP (cell to pack) 3.0, on June 23, 2022, claiming an energy density of up to 255 Wh/kg to support a vehicle with a 1,000km range.
The Qilin Battery is an innovation in battery structure, not a chemical system, and a 1,000 km range battery pack requires NCM chemistry.
The first Qilin Battery with a 1,000 km range is the Zeekr 001 of Zeekr, a premium electric vehicle brand of Geely, and deliveries of the model with this range have already started on May 16.
On April 21, Svolt Energy, which was spun off from Great Wall Motor, made the real-life debut of its Dragon Armor Battery at the Shanghai auto show.
Dragon Armor is also an innovation in battery pack structure without involving battery chemistry.
Svolt Energy said that the Dragon Armor Battery with LFP cells could have a range of more than 800 kilometers, while such batteries with ternary cells could have a range of more than 1,000 kilometers.
Gotion installed 1.18 GWh of power batteries in China in April, ranking fifth with a 4.68 percent share, according to the China Automotive Battery Innovation Alliance (CABIA).
In the LFP market, Gotion ranked fourth with a 6.17 percent share in April.
Gotion posts 135% year-on-year profit growth in Q1, site for US battery plant nears finalization
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Gotion is in the process of exploring a battery plant in the US, and the site is close to being decided, a company executive said.
Gotion High-tech, the Volkswagen-backed Chinese power battery giant, reported strong first-quarter results and revealed more about the company's plans to build a battery plant in the US.
Gotion reported first-quarter revenue of RMB 7.18 billion yuan ($1.04 billion), up 83.16 percent from a year earlier, despite a 16.8 percent decrease from the fourth quarter, according to an exchange announcement Friday from the Shenzhen-listed company.
The year-on-year increase in revenue was mainly due to growth in sales, Gotion said in the announcement.
The company reported a net profit of RMB 75.61 million in the first quarter, up 134.81 percent from a year earlier, but down 53.04 percent from the fourth quarter last year.
China's new energy vehicle (NEV) sales saw strong growth in the fourth quarter of last year, as consumers seized the last chance to get state subsidies for NEV purchases. For the first quarter, while it is usually a slow time for auto consumption, a rare price war this year delivered an additional blow.
China's first quarter NEV sales were 1.32 million units, up 23.72 percent year-on-year, but down 26.62 percent from the fourth quarter of last year, according to the China Passenger Car Association (CPCA).
Gotion, China's fourth-largest power battery manufacturer, saw its performance reflect these seasonal trends.
In March, Gotion installed 1.25 GWh of power batteries in China, ranking fourth with a 4.51 percent share, according to the China Automotive Battery Innovation Alliance (CABIA).
Gotion aims to exceed 300 GWh of capacity by 2025, according to its previously announced plans.
In addition to its quarterly earnings report, Gotion announced its annual report, which showed it had revenue of RMB 23.05 billion in 2022, up 122.59 percent year-on-year.
Gotion's revenue in overseas markets in 2022 was RMB 2.98 billion, up 464.76 percent year-on-year.
The company's profit in 2022 was RMB 199 million, up 408.87 percent year-on-year.
Gotion is conducting an in-depth exploration of building a battery factory in the US, and the site is now close to being determined, the company's vice president of international operations Ray Chen said Friday while speaking with media, including CnEVPost, at its Hefei headquarters.
The company is well on its way to building a plant in the US as an early move to capture the explosive growth opportunities in the US and Europe in 2025-2027, Chen said.
Influenced by the Inflation Reduction Act, Gotion's US plant is necessary, he added.
"The US and Europe are at the point where rapid growth is about to begin in this industry, and we certainly can't afford to give that business away," Chen said.
Gotion is currently selling batteries to US customers through exports, with sales expected to be $500 million this year, according to the company.
Notably, on October 5 last year, Michigan Governor Gretchen Whitmer said in a statement that Gotion chose to build its $2.36 billion battery component manufacturing facility in Big Rapids.
The Michigan Strategic Fund (MSF) Board approved the investment by Gotion, which will launch a multi-phase project in Big Rapids to build a battery component manufacturing facility there to serve its entire North American and global customer base, according to the statement.
Once completed, Gotion's plant is expected to produce 150,000 tons of cathode material per year, with two 550,000-square-foot production plants planned as well as other supporting facilities, the statement said.
Gotion chairman Li Zhen said at the media event Friday that the battery materials plant is sited in Michigan partly because of the relatively inexpensive supply of hydroelectric power in the area.
Gotion has been in contact with the local government for about two years, and final approval for the plant is pending, Li added.
($1 = RMB 6.9150)
Gotion to build $2.36 billion battery materials plant in Michigan
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Gotion and Edison Power have a planned sales target of 1 GWh in the first year of the partnership, rising to 2 GWh per year from the second year onwards.
(Image credit: Gotion High-tech)
Chinese battery giant Gotion High-tech and Japan's Edison Power Co Ltd have reached a strategic cooperation agreement to jointly tap the energy storage market in Japan.
The two signed the agreement on March 15 to jointly develop the Japanese energy storage and battery recycling market and promote Gotion's products in the Japanese market, according to a press release from the Chinese battery maker today.
Gotion and Edison Power have a planned sales target of 1 GWh in the first year of the partnership, rising to 2 GWh per year from the second year onward.
Gotion will provide battery cells, modules and BMS, while Edison Power will be responsible for Japanese energy storage customer management, EPC services, and energy storage system operation and maintenance.
In addition, Gotion will also work with Edison Power to establish a recycling system for recycled energy storage batteries in Japan, according to the release.
With the development of global renewable energy and the revision of Japan's Electricity Business Act in May 2022, new opportunities will arise for the development of Japan's large-scale energy storage battery industry, according to the release.
Edison Power, which began developing and manufacturing energy storage battery systems in 1991, is also developing a solar power business and a biomass power business.
Gotion, one of China's power battery giants, ranked eighth in the world with a 2.1 percent share in January, according to a report released earlier this month by South Korean market research firm SNE Research.
In China, Gotion installed 0.78 GWh of power batteries in February, ranking fourth with a 3.58 percent share, according to data previously released by the China Automotive Battery Innovation Alliance (CABIA).
The energy storage battery business is Gotion's second-largest business after power batteries.
In the first half of 2022, Gotion's revenue was RMB 8.6 billion, of which the power battery business contributed RMB 6.6 billion, or 76.51 percent, according to the company's semi-annual report.
Gotion's energy storage battery business generated RMB 1.28 billion in revenue in the first half of last year, contributing 14.8 percent.
Gotion to build $2.36 billion battery materials plant in Michigan
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