XIAN/SHANGHAI — Chinese battery maker Guoxuan High-tech, which is backed by Volkswagen Group, plans to have annual battery manufacturing capacity of 100 gigawatt-hours by 2025, an official said on Thursday.
The Hefei-based company will have annual battery building capacity of 28 Gigawatt hours this year, Huang Zhangxi, a senior official at Guoxuan told an industry conference.
VW said in May that it planned to pay 1.1 billion euros ($1.3 billion) to acquire 26.5 percent of Guoxuan to become its biggest shareholder.
The official said the company was also considering setting up production bases in Germany and the U.S.
Guoxuan, supplies automakers including VW and General Motors.
Chinese battery makers from CATL to Great Wall-linked SVOLT are also building or planning global production bases. South Korean battery maker LG Chem has also said it is mulling production in Europe and North America to meet demand.