Gotion High-tech

Chinese companies, including CATL and BYD, saw explosive growth in the power battery market, while South Korean and Japanese manufacturers were not performing as brightly.

Gotion and InoBat will explore building a 40 GWh cell and Pack facility in Europe and explore producing energy storage batteries based on the latter's existing facility in Slovakia.

For the full year 2022, CATL's share of China's power battery market was 48.2 percent and BYD 23.45 percent.

CATL's installed power battery volume from January to November was 165.7 GWh, ranking first with a 37.1 percent market share.

Gotion's joint venture in Thailand will create a battery export base in addition to local production of battery packs.

BYD's power battery installation volume in November was 8.94 GWh, ranking second with a 26.09 percent share.

BYD returned to second place in the global power battery market in October, overtaking LG Energy Solution.

Gotion High-tech was awarded the mining right for a period of five years, with a design production scale of 3 million tons per year.

The first phase of the plant has a planned annual capacity of 5 GWh and is expected to be operational by the end of 2023.

BYD ranked second with 25.36 percent share, CALB and Gotion High-tech ranked third and fourth with 6.76 percent and 4.52 percent shares respectively.