Hong Kong-listed FDG Electric Vehicles has reportedly started the first-phase of construction of its EVs and batteries production facilities in Jianyang, in China’s Sichuan Province, according to the state Xinhua News Agency.
The total investment in the first phase of the project is CNY4 billion ($636 million), Xinhua said.
Chinese battery maker Narada Power has posted a 30% sales rise for 2017— which boosted net by profit by 16% over the previous year.
Narada said total revenue for the year was CNY8.63 billion ($1.37bn) and net profit increased to CNY381 million.
Another Chinese-South Korea investment deal has been done to produce lithium battery materials in China— in the latest sign of a thaw in economic tensions between the countries.
Chinese mining company Zhejiang Huayou Cobalt said its subsidiary, Huayou New Energy Technology, has signed a deal with South Korea’s LG Chem to launch two new joint venture companies at a total investment of some $645.6 million.
An independent report by Germany’s independent and non-profit Oeko-Institut has urged the European Union that, when it comes to lithium batteries, to follow the example set by the lead-acid industry in recycling batteries to create a “sustainable” system for conserving raw materials and reusing EV batteries for energy storage.
But the report— ‘Ensuring a Sustainable Supply of Raw Materials for Electric Vehicles’— shows EU leaders that China is already “well ahead” in having a “transparent” structure that efficiently regulates the use of materials in the electro-mobility sector, the Institute said.
German auto-parts maker Bosch has reportedly started work towards launching a 48V battery systems manufacturing operation in eastern China.
The state Xinhua News Agency said construction of workshops and related facilities had already started at a site in Wuxi, Jiangsu Province.
China’s securities regulator has reportedly approved a planned CNY13.12 billion ($1.98bn) initial public offering by lithium battery giant, Contemporary Amperex Technology (CATL), to expand its automotive battery business.
The China Securities Regulatory Commission (CSRC) gave CATL’s application the green light on 4 April, the state Xinhua News Agency said.
Mercedes-Benz is reportedly to use battery cells made under its partnership operations in China in some cars made by the firm worldwide.
Dieter Zetsche (pictured), chairman of the German carmaker's parent company Daimler, made the announcement in Beijing, the China Daily reported.
Chinese electric vehicle maker BYD has confirmed plans to open a battery recycling plant in Shanghai.
A BYD spokesperson told BBB the plant would go ahead but said a date for the project’s start had yet to be fixed.
Chinese Li-battery pack supplier Pride Power has won a fresh order from domestic automaker BAIC BJEV to deliver CNY1.87 billion ($295.5 million) worth of automotive batteries over the next three months.
The order for 38,000 automotive battery packs strengthens ties between the companies— and comes as China accelerates production of electric vehicles, including under partnerships with foreign players.