EV battery makers Gotion, ONE plan new Michigan plants
-
Loading... - nina elizabeth
- 07 Oct 2022
- 70 Views
- 0 Like
- 0 Comment
Chinese battery company Gotion High Tech (002074.SZ) and Michigan-based startup Our Next Energy (ONE) will open separate, new electric-vehicle battery plants worth a combined $4 billion in Michigan, Governor Gretchen Whitmer announced on Wednesday.
Gotion's $2.36 billion plant will create 2,350 jobs in Big Rapids, Michigan. The facility is expected to produce up to 150,000 tons of cathode material and 50,000 tons of anode material a year.
ONE's $1.6 billion plant will create 2,100 jobs in Van Buren Township, starting in late 2024, the company said. ONE aims to develop a full battery-making complex, from raw material refining through manufacturing and assembly of cells and packs, with production capacity reaching 20 gigawatt-hours by late 2027, enough to supply about 200,000 electric vehicles a year.
Michigan will provide about $715 million in financial incentives for the Gotion facility and $237 million for the ONE facility.
Gotion, a publicly traded company in China also known as Guoxuan High Tech Company, is partly owned by German automaker Volkswagen AG (VOWG_p.DE). German automaker BMW (BMWG.DE) is an investor in ONE.
Legislation passed by U.S. Congress in August imposes requirements on a $7,500 EV tax credit designed to spur North American production of vehicles and battery components. Automakers are racing to in-source more battery and component production. Read More…
