- The report added that Geely, which owns Volvo Cars and a 9.7 per cent stake in Daimler AG, is competing with Great Wall and Nio Inc
- China forecasts NEVs will make up 20 per cent of its annual auto sales by 2025 from around five per cent in 2020
As per a report by Reuters, Geely said that it would build an electric vehicle battery factory with a planned annual manufacturing capacity of 42 gigawatt hours (GWh) in China’s eastern city of Ganzhou. The total investment in the project by Geely’s technology arm will be 30 billion yuan ($4.61 billion), according to a separate statement from the local government added the report. Geely’s technology group has previously invested in Ganzhou-based EV battery maker Farasis
China’s government has heavily promoted new energy vehicles
The report added that Geely, which owns Volvo Cars and a 9.7 per cent stake in Daimler AG, is competing with Great Wall and Nio Inc.
The report added that China’s government has heavily promoted new energy vehicles (NEVs) like battery-powered, plug-in petrol-electric hybrid and hydrogen fuel cell cars. China forecasts NEVs will make up 20 per cent of its annual auto sales by 2025 from around five per cent in 2020.