Photo/Gotion High-Tech

Chinese lithium battery giant Gotion High-Tech announced on October 25 that it plans to invest $2.36 billion (around 17 billion yuan) to build a battery materials plant in Michigan, the United States. This is the second major investment in the United States by Gotion High-Tech in less than a month.

Gotion High-Tech has already signed a land purchase agreement for the site. The plant will be located in Green Charter Township in Mecosta County, Michigan, and is expected to be completed by the end of 2023. Gotion High-Tech said it will work with third-party strategic investors to fund the project.

After the project is completed, it will achieve local self-sufficiency in the core battery materials in North America, meeting the market needs. 

The investment is part of Gotion High-Tech's global expansion strategy. So far, the company has already established overseas bases in Germany, India, and Vietnam.

Other Chinese battery makers are also accelerating their overseas expansion. Contemporary Amperex Technology (CATL), the world's leading battery maker, has a growing presence in Europe and North America.

The growing competition in the global battery market is driving Chinese companies to expand their reach.