Oil multinational BP is investing US$10 million in a fund aimed at powering the expansion of battery production and R&D for China’s new energy vehicle (NEV) industry.
The oil giant’s investment arm, BP Ventures, is investing in the NIO Capital US Dollar Fund to support work into “new materials including batteries, electric vehicles and related technologies, new energy infrastructure”.
The tax rate on lithium-ion batteries in India has been reduced from 28% to 18% in a bid to boost the country’s electric vehicle industry.
The cut announced by the Goods and Services Tax Council (GST), which was set up by the Indian government, was not as much as had been expected.
US-based advanced automotive battery pack ‘remanufacturer’ Spiers New Technologies (SNT) is opening a European ‘hub’ in the Netherlands.
SNT said it will use the site at Ede to service automotive OEMs in Europe’s electric vehicle (EV) market.
India lead-acid manufacturer Exide Industries is teaming up with Swiss battery storage firm Leclanché in a new lithium joint venture targeting the Indian market.
The partnership will focus on building lithium-ion batteries for electric vehicles (EVs), stationary energy storage systems and “speciality storage markets”.
China’s BYD has opened the “world’s biggest auto batteries plant”— as part of a reported multi-billion dollar investment to expand its domestic battery-making capacity to 60 gigawatt-hours within three years.
BYD— which stands for ‘build your dreams’— said the six-square-kilometre plant in Qinghai Province— “equivalent in size to around 140 football pitches”— will itself have a 24GWh production capacity when it ramps up to full capacity next year.