Latest news with #GotionHighTech
Yahoo
22-05-2025
- Automotive
- Yahoo
Gotion to commence construction of Morocco gigafactory
Gotion Power Morocco, a branch of the Sino-European electric vehicle (EV) battery manufacturer Gotion High Tech, plans to commence construction of its gigafactory in Morocco soon, reported Reuters citing the company's Moroccan head Khalid Qalam. The move follows an investment agreement signed in June 2024 between Gotion High Tech and the Moroccan government. Planned to be built near Kenitra in northwestern Morocco, the proposed gigafactory is expected to mark the first of its kind on the African continent. It involves a total investment of $6.5bn. Qalam was cited by the news agency as saying at an industry conference in Rabat, Morocco, that the groundwork for the site had been finalised. He stated that the facility is expected to begin production in the third quarter of 2026. The project's initial phase will involve an investment of $1.3bn and deliver a production capacity of 20GW. Qalam noted that the company had reached an agreement with the Moroccan government to eventually expand capacity to 40GW in a second phase, though no timeline was disclosed. Beyond battery manufacturing, the facility will also produce cathodes and anodes. Qalam said the intention is to export the majority of production to Europe. "We have already received orders from many European car manufacturers," Qalam added. SK IE Technology Company (SKIET), an EV battery materials manufacturer belonging to South Korea's SK Group, signed a preliminary agreement to supply materials to Gotion High Tech Company. The deal provides for SKIET to supply separator materials for Gotion's EV battery and ESS plants located in the US and Europe. "Gotion to commence construction of Morocco gigafactory – report" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Business Recorder
22-05-2025
- Business
- Business Recorder
China, HK shares end higher, supported by mining and battery stocks
SHANGHAI: China and Hong Kong stocks closed higher on Wednesday, led by mining and battery shares, as a rally in gold prices and the strong Hong Kong debut of CATL boosted sentiment. China's blue-chip CSI 300 Index closed 0.5% up, while the Shanghai Composite Index gained 0.2%. Hong Kong benchmark Hang Seng was up 0.6%. Shares of electric vehicle battery giant CATL rose 10.2% after jumping 16% in their trading debut on Tuesday. Battery concept stock Gotion High Tech traded onshore surged 10%. Hong Kong's IPO market has seen a sharp revival in 2025, with total proceeds year-to-date reaching $9 billion, a 320% year-on-year increase, according to UBS. UBS expects the premium of China's onshore A-shares over their Hong Kong-listed counterparts to narrow in the near term, citing easing US-China tariff tensions and potential renewed investor optimism around artificial intelligence, particularly if DeepSeek unveils an updated model. Mining-related shares climbed after gold prices rose to their highest levels in a week. Zijin Mining climbed 5.9%. Shares of CMOC Group, the world's top cobalt miner, rose 3% after it called on the Democratic Republic of Congo last week to lift a ban on exports of the battery metal, sources told Reuters. Hang Seng Materials Index rose 3.7%.
Reuters
21-05-2025
- Automotive
- Reuters
Gotion to begin building Morocco gigafactory 'within days'
RABAT, May 21 (Reuters) - Gotion Power Morocco, a subsidiary of Sino-European electric vehicle battery maker Gotion High Tech, will begin building its gigafactory in the north African country "within days," the company's Morrocan head Khalid Qalam said on Wednesday. Gotion High Tech signed an investment deal with the Moroccan government in June last year to set up the first gigafactory in Africa near Kenitra, northwestern Morocco, for a total investment $6.5 billion. The company's investment, spurred by government incentives, is in line with Morocco's aim to expand and adapt its automotive sector. Qalam told an industry conference in Rabat the groundwork for the factory had been completed and the first production was expected in the third quarter of 2026. In a first phase, at a cost of $1.3 billion, the plant would have 20 gigawatt capacity, he said, adding the company had agreed with the Moroccan government to increase capacity to 40GW in a second phase. He did not give a timeline. In addition to batteries, the plant will also produce cathodes and anodes, with a view to exporting the bulk to Europe, he said. "We have already received orders from many European car manufacturers," he said. Morocco's geographic location close to Europe and its existing automotive industry make it attractive to Chinese EV battery makers. The country is is home to Stellantis ( opens new tab and Renault ( opens new tab vehicle production plants, and reported a 6.3% increase in automotive sector exports to a record 157 billion dirhams ($17 bln) in 2024, according to official figures.
Business Recorder
21-05-2025
- Business
- Business Recorder
China, Hong Kong shares rise, supported by mining and battery stocks
SHANGHAI: China and Hong Kong stocks rose on Wednesday, led by mining and battery shares, as a rally in gold prices and the strong Hong Kong debut of CATL boosted sentiment. China, Hong Kong stocks sag on soft data despite tariff truce lift China's blue-chip CSI 300 Index added 0.7% by the lunch break, while the Shanghai Composite Index gained 0.4%. Hong Kong benchmark Hang Seng was up 0.5%. Shares of electric vehicle battery giant CATL rose nearly 12% after jumping 16% in their trading debut on Tuesday. Battery concept stock Gotion High Tech traded onshore surged 10%. Hong Kong's IPO market has seen a sharp revival in 2025, with total proceeds year-to-date reaching $9 billion, a 320% year-on-year increase, according to UBS. UBS expects the premium of China's onshore A-shares over their Hong Kong-listed counterparts to narrow in the near term, citing easing US-China tariff tensions and potential renewed investor optimism around artificial intelligence, particularly if Deepseek unveils an updated model. Mining-related shares climbed after gold prices rose to their highest levels in a week. Zijin Mining climbed 4.5%. Shares of CMOC Group, the world's top cobalt miner, rose 1.8% after it called on Democratic Republic of Congo last week to lift a ban on exports of the battery metal, sources told Reuters. Hang Seng Materials Index rose 3%. Morgan Stanley analysts raised their targets for Chinese stock indexes, pointing to ongoing structural improvements and recent positive developments in tariffs and corporate earnings.
Mint
21-05-2025
- Business
- Mint
China, Hong Kong shares rise, supported by mining and battery stocks
SHANGHAI, - China and Hong Kong stocks rose on Wednesday, led by mining and battery shares, as a rally in gold prices and the strong Hong Kong debut of CATL boosted sentiment. ** China's blue-chip CSI 300 Index added 0.7% by the lunch break, while the Shanghai Composite Index gained 0.4%. Hong Kong benchmark Hang Seng was up 0.5%. ** Shares of electric vehicle battery giant CATL rose nearly 12% after jumping 16% in their trading debut on Tuesday. Battery concept stock Gotion High Tech traded onshore surged 10%. ** Hong Kong's IPO market has seen a sharp revival in 2025, with total proceeds year-to-date reaching $9 billion, a 320% year-on-year increase, according to UBS. ** UBS expects the premium of China's onshore A-shares over their Hong Kong-listed counterparts to narrow in the near term, citing easing U.S.-China tariff tensions and potential renewed investor optimism around artificial intelligence, particularly if Deepseek unveils an updated model. ** Mining-related shares climbed after gold prices rose to their highest levels in a week. Zijin Mining climbed 4.5%. ** Shares of CMOC Group, the world's top cobalt miner, rose 1.8% after it called on Democratic Republic of Congo last week to lift a ban on exports of the battery metal, sources told Reuters. ** Hang Seng Materials Index rose 3%. ** Morgan Stanley analysts raised their targets for Chinese stock indexes, pointing to ongoing structural improvements and recent positive developments in tariffs and corporate earnings. ** The bank now sees the MSCI China at 78, the Hang Seng Index at 24,500, and the CSI 300 at 4,000 by June 2026 — implying upside potential of 5% for the first two and 3% for the latter. This article was generated from an automated news agency feed without modifications to text.
