Chinese automaker Geely will invest $4.6B to build an electric battery plant in eastern China with a capacity of 42 gigawatt-hours per year. The move comes a couple of months after Geely said it was looking to transition from a car manufacturer to "a tech company" focused on "intelligent, electric transport."
- Automakers and battery producers worldwide are trying to reduce the price of the critical component, which can make up 30% of an electric vehicle's total cost.
- Demand for batteries in China will rise as the Asian nation is expected to sell six million new energy vehicles annually by 2025.
- In January, Geely announced it will partner with Chinese search engine Baidu to manufacture autonomous electric vehicles.