Posted on 14 Aug 2023
Chinese battery manufacturer Eve Energy has broken ground for its 21700 cylindrical battery production project in Kulim, in the Malaysian state of Kedah state, Kallanish reports.
With an investment estimated at around $422 million, the plant is expected to create 600 jobs. Construction is slated to take three years, completing the company’s 53rd battery plant to date. Further details on the project are yet to be disclosed.
The Malaysian project will further enhance the production capacity and competitiveness of Eve Energy in the Southeast Asian market, and meet the growing market demand for power tools and electric two-wheelers, according to the company.
“This is an important milestone for Eve to expand our global business, enhance our comprehensive competitiveness and to further grow our global market share. And most importantly, to let us contribute to the development of the EV ecosystem in Malaysia,” says Joe Chen, director of Eve Energy Malaysia.
Earlier this month, the battery maker released its half-year performance forecast. In H1 2023, it expects its net profit to be about CNY 2.04-2.24 billion ($282-309.7 million), an on-year increase of 50-65%.
“In terms of energy storage batteries, with the continuous improvement of the economy and the stable production of new capacity, the rapidly growing demand of the energy storage market can be met in stages, and the revenue scale has doubled,” the company said.
Eve Energy also reported an increase in revenue from power batteries, thanks to increased production capacity and the development of new customer groups.
Source:Kallanish
