Gotion High-tech

The purchase order involves LFP Unified Cell products with the same design style and specifications as those for the Chinese market for Volkswagen's full range of NEVs.

CATL's battery is expected to maintain its No. 1 position as it is in high demand in passenger cars such as the Tesla Model 3, Model Y, SAIC Mulan, and the Chinese commercial vehicle market, according to SNE Research.

Gotion is in the process of exploring a battery plant in the US, and the site is close to being decided, a company executive said.

CATL's share of the LFP market in March was 39.47 percent, higher than 38.88 percent for BYD, which was No. 1 in the LFP market in both January and February.

CATL's share in January-February was the same as in January, while BYD saw its share rise.

Gotion and Edison Power have a planned sales target of 1 GWh in the first year of the partnership, rising to 2 GWh per year from the second year onwards.

The move is based on Gotion's controlling shareholder's recognition of the company's value and confidence in its continued rapid growth, according to an exchange announcement.

BYD's share in February was essentially unchanged from January, while CALB's share grew significantly.

CATL's battery installations rose 6.5 percent year-on-year in January, below the industry's growth rate of 18.1 percent.

BYD overtook CATL in LFP market share again after six months, the last time being in July 2022.