On September 28, Gotion High-tech announced that the company and its wholly-owned subsidiaries intend to sign an Investment Agreement with Volkswagen Group and its subsidiaries to establish three joint ventures in Spain, Slovakia and Morocco, and to invest in the construction of lithium-ion battery and cathode material production bases. The total investment in the projects is expected to be approximately EUR 3.222 billion, of which Gotion's investment is approximately EUR 1.598 billion.
This investment constitutes a related-party transaction and is still subject to deliberation and approval by the shareholders' meeting.
Edited by Cassie Li, lixiangying@mysteel.com
