Gotion to set up battery plants in Morocco, Slovakia

Gotion High-tech, a Volkswagen-backed Chinese battery maker, announced bold plans to establish advanced battery manufacturing facilities in Morocco and Slovakia, according to the company's announcements on Thursday.

With a combined investment of approximately 2.514 billion euros ($2.6 billion), the move signals Gotion's commitment to expanding its international presence in the fast-growing electric vehicle market.

In Morocco, Gotion plans to invest up to 1.28 billion euros to build a 20 GWh-capacity plant, following the Moroccan government's endorsement and the signing of an investment agreement in June.

The Slovakian venture will see an investment of up to 1.234 billion euros, with a production capacity of 20 GWh of lithium batteries per year.

Gotion is no stranger to the global stage, as it ranked as the world's eighth-largest EV battery producer with a 2.6 percent market share in the first ten months of this year, according to South Korean market tracker SNE Research.

With its Slovakian and Moroccan endeavors, Gotion is poised to further deepen the company's global strategic layout, advance overseas business expansion, and meet the needs of international markets, the company said.