중지리자동차 Invests 5.22 Trillion KRW in New Battery Factory in Guangzhou
![[Image source= Reuters Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2021031614180733839_1615871888.jpeg)
[Asia Economy Reporter Park Byung-hee] Bloomberg reported on the 15th (local time) that China's Geely Automobile is building a new battery factory in Guangzhou, southern China.
Geely Automobile plans to invest 30 billion yuan (approximately 5.2257 trillion KRW) in the new battery factory.
The new factory's battery production capacity will be 42 gigawatt-hours (GWh) per year, doubling Geely Automobile's battery production capacity.
Sales of new energy vehicles in China are expected to reach 6 million units in 2025, more than four times the current level. Accordingly, demand for batteries is also expected to increase significantly.
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Last year, Geely Automobile sold 68,142 new energy vehicles, accounting for about 5% of its total sales.
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