By Reuters Staff
2 Min Read
BEIJING, April 1 (Reuters) - Chinese nickel and stainless steel giant Tsingshan Holding Group said on Thursday it will invest 10.3 billion yuan ($1.57 billion) to build a lithium-ion battery plant in Guangdong province, which will be operated by the group’s battery unit.
Tsingshan’s battery manufacturing unit REPT Energy Co aims to expand its annual production capacity for lithium batteries from 6 gigawatt currently to 200 gigawatt capacity by 2025 and the new plant in Foshan city will be part of that expansion, the group said.
The plant will have an expected annual capacity of 30 gigawatt when it is completed in 2024, Tsingshan said in a statement.