This brings the two non-independent directors on Gotion High-tech's board all from Volkswagen.
(Image credit: Gotion High-tech)
With Gotion High-tech's new board of directors, Volkswagen is expected to have more voice.
The Chinese power cell giant announced today that it has nominated five new directors, including one non-independent director from Volkswagen, meaning that all two of its non-independent directors will come from the German carmaker.
Gotion announced the nomination at its board meeting on November 26, with Ms. Andrea Nahmer, head of Volkswagen's production, product and investment control business, as the new non-independent director candidate.
Nahmer holds a master's degree from the Universität Hamburg, Germany, and joined Volkswagen in 2001.
In addition, four people, including Columbia University Professor Sun Zhe, IBM Global Vice President Zhou Yi, Tsinghua University Professor Qiu Xinping and Flash Express CFO Wang Feng, were nominated as candidates for independent directors.
Two current non-independent directors and three independent directors on Gotion's board will finish their terms, and the company's new board will still consist of nine members, including four independent directors.
The company announced in May last year that it would receive a strategic investment of approximately €1.1 billion from Volkswagen China, which would take a 26.47 percent stake in the company, making it the largest shareholder.
The investment deal was approved by the China Securities Regulatory Commission, making Volkswagen the first foreign auto company to invest directly in a Chinese battery maker.
In August 2020, Frank Engel, Vice President of Volkswagen China, made the automaker's first appearance on Gotion's board of directors as a non-independent director.
At the board meeting on November 26, Engel said that Volkswagen and Gotion share common goals, pledged to support the company's development as always, and will work with Gotion Chairman Li Zhen to "take care of your baby for sure."
On July 12, Gotion signed an agreement with Volkswagen to develop the first generation of standard cells for the latter's regular production models.
As a technology partner, Gotion will work with Volkswagen Group to optimize the production layout, equipment deployment and production process at Volkswagen Group's Salzgitter plant in order to accelerate the industrial production of the cells.
On July 20, Gotion's subsidiary Gotion Hefei signed an agreement with Hefei Xinzhan High-tech Zone to build a 20 GWh power cell production base there.
The site will focus on producing standard cells for Volkswagen, meaning that the world's first standard cells for Volkswagen are expected to be produced in Hefei.
The project is expected to cover an area of 500 acres (333,000 square meters) and will be built in phases. In the first phase of the project, the company will build 10 GWh of battery capacity and is scheduled to start production in 18 months from the start of construction.