Photo posted on Gotion Hi-Tech's website shows the exterior of the company's office building in Fremont, California, the United States. (Source: Gotion Hi-Tech)
BEIJING, Oct. 26 (Xinhua) -- Gotion High-tech Co., Ltd. (Gotion Hi-Tech), a Chinese private enterprise in power battery industry, announced on Wednesday evening that it plans to construct a battery material project in Michigan, the United States, with an attempt to promote international green energy industrial cooperation and meet the raw material supply for the battery manufacturing business in North America.
The project will be entrusted to its wholly-owned subsidiary Gotion, Inc. to sign relevant agreements with the government of Michigan and other third-party partners.
The project is scheduled to invest a total amount of 2.364 billion U.S. dollars (about 17 billion yuan).
Up to now, the project has completed the signing of the purchase contract for the construction land of the project, according to the disclosure of the company.
In recent years, Gotion Hi-Tech has been implementing an internationalization strategy. In the first half of this year, the company achieved overseas revenue of 3.062 billion yuan, up 296.74 percent year on year. The proportion of overseas business revenue to the company's total income has increased from 8.94 percent in the first half of 2022 to the current 20.09 percent.
(Edited by Tian Shenyoujia with Xinhua Silk Road, tianshenyoga0524@163.com)
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