Gotion High-tech Co (SHE: 002074 / FRA: 24U0) researches, develops, manufactures and markets lithium EV batteries with Volkswagen owning a 30% stake. With plans to expand a China-only operation globally, Gotion High-tech’s subsidiary recently made negative headlines in the USA:
Furious Michigan residents accuse Dem-led state senate of helping 'overthrow the US' by green lighting $2.4B plans for Chinese green energy giant to build two huge plants
Despite outcry, Michigan passes US$175 million for Chinese-owned battery plant
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Gotion High-tech, which commands less than a 3% global share, is currently the eighth-largest EV battery supplier in the world based on volume, and the fourth largest in China. Starting this year, the company will expand what is essentially a China-only operation into a global network, placing a third of the capacity overseas. Its principal investor, Volkswagen, which purchased a roughly 30% stake in Gotion in 2021, will be a major part of this global push (China battery maker Gotion plugs into VW for global expansion).
Global R&D centers were established in Hefei, Shanghai, Silicon Valley, Cleveland, Tsukuba, Singapore, Europe, Germany and other places. Volkswagen (China) invested about 1.1 billion euros to become a shareholder of Gotion Hi-Tech on May 28, 2020. The two sides will jointly carry out battery technology innovation and R&D, making Hefei City, even Anhui Province an important base of China's electric vehicle industry, and welcome the arrival of the global electric era. (About)
Tesla, VW & Gotion High-Tech's scary battery CHESS moves (Youtube) 9:00 Min
NEW VW/Gotion battery tech is a MASSIVE game changer (Youtube) 8:22 Min
Gotion, a subsidiary of China-based company Gotion High-Tech, will invest $2.4 billion to construct two 550,000 square-foot production plants across 260 acres in Michigan.
During a public hearing for the Michigan Senate's appropriations committee, locals condemned plans to use $175 million in taxpayer funds….. Despite being aggressively confronted for considering the plans, the committee went on to approve the measure in a tight 10-9 vote, with every Republican and three Democrats on the committee coming out against it (Daily Mail).
According to Fox News, the corporate bylaws of Gotion High-Tech, the parent company of Gotion, mandates that the company carries out 'Party activities in accordance with the Constitution of the Communist Party of China.'
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NEW VW/Gotion battery tech is a MASSIVE game changer (Youtube) 8.22 Min
Furious Michigan residents accuse Dem-led state senate of helping 'overthrow the US' by green lighting $2.4B plans for Chinese green energy giant to build two huge plants (Daily Mail)
Despite outcry, Michigan passes US$175 million for Chinese-owned battery plant (SCMP)
China battery maker Gotion plugs into VW for global expansion (NIKKEI Asia)
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