Chinese electric vehicle battery maker Gotion High-Tech posted a 296.7% year-on-year surge in overseas revenue for the first half of 2023 on Tuesday. The firm said its overseas business now accounted for a fifth of total revenue, up from only 8.94% a year ago. The Volkswagen-backed battery supplier attributed the growth to increased demand from overseas clients as it partnered with global auto majors such as the Renault–Nissan–Mitsubishi Alliance as well as Vietnam’s Tesla wannabe VinFast, in addition to its German shareholders. Hefei-headquartered Gotion said on Tuesday that its total revenue had risen 76.4% year-on-year to RMB 15.2 billion in the six months to June 30, buoyed by the growing adoption of green energy vehicles and batteries for energy storage worldwide. The gross margin of its EV battery business grew slightly to 13.2% from 12.5% a year ago, while that number for its energy storage business increased by 7% to 17.43%. [Gotion earnings report, in Chinese]
