Thu. Jul 18th, 2024

The Chinese company is investing 1.2 billion euros in the production of batteries for electric cars in Slovakia

Natasha Kumar By Natasha Kumar Jun21,2024

The Chinese company invests 1.2 billion euros in the production of batteries for electric cars in Slovakia

The Chinese company Gotion High Tech and its Slovak partner InoBat invest 1.2 billion euros in the construction factory for the production of batteries for electric cars in Slovakia. This was reported by the Reuters agency.

It is noted that the consortium will receive 150 million euros in subsidies and 64 million euros in tax benefits from the government. The automotive industry is a major sector of Slovakia's economy.

The plant will start production in early 2027, producing batteries with a total annual capacity of 20 gigawatt-hours, and will reach full capacity in the middle of the same year.

This investment is the second largest in the history of Slovakia and contributes to the development of the country's automotive industry in the context of the transition to electric vehicles.

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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