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Gotion High-Tech publishes 2020 annual results

HEFII, China, Jan. 28 / PRNewswire / -The excellent results are due to the company's continuous product innovation

Gotion High-Tech Co., Ltd. (Shenzhen: 002074), a leader in the research and development, production and sales of lithium-ion batteries for the automotive industry, published its report for the 2020 fiscal year and the first quarter of 2021 on April 21. The company had annual sales of 6.724 billion yuan (approximately $ 1.04 billion) in 2020, an increase of 35.6% over the previous year. Parent company annual net income reached RMB 150 million (approximately $ 23.1 million), up 192.02% year over year, the largest increase since the company was listed. Sales outside the Chinese home market were over 159 million yuan (approximately $ 24.5 million), an increase of 616.42% over the previous year. Gotion's numbers continued to grow in 2021. Operating income was 1.292 billion yuan (approximately $ 199 million) for the first quarter, up 77.09% for net income of 47.918 million yuan (approximately $ 7.38 million). That represents an increase of 42.49%.

The product innovations in combination with the optimization of the customer mix turned out to be the main drivers for the increase in performance. In 2020 Gotion introduced several new technologies one after the other, including lithium iron phosphate batteries with a single cell energy density of 210 Wh / kg and JTM technology, with which a system energy density can be achieved that corresponds to the 200.22 Wh / kg ternary batteries , as described in this year's MIIT catalog, the industry reference document for the status of China's high-tech sector. According to the catalog, the technology provides the highest system energy density among similar systems made in China.

For the year 2021 Gotion High-Tech plans to further expand its market penetration in the passenger car market, to develop closer relationships with domestic OEM giants such as Guangzhou Auto, Xiaopeng, WM Motor and NIO, and at the same time to expand further into countries and regions outside the home market to consolidate its already strong market share in the Netherlands, India and the USA and to agree further strategic partnerships with well-known car manufacturers. With a view to its most important collaboration, the partnership with VW, Gotion Hi-Tech has announced that it will work with the automaker to produce the MEB module (VW Modular Electric Drive Matrix) in series soon and then, as soon as this is done, the Use the MEB platform to rapidly advance the production and marketing of ternary products, including expansion into international markets.

Information on Gotion High-Tech

Gotion Hi-Tech Co., Ltd., listed on the Shenzhen Stock Exchange since May 2015. develops, manufactures and sells power batteries, power transmission and distribution devices, and other power solutions for vehicles. The company operates several manufacturing facilities in Hefei, Jingkai, Liuzhou, Lujiang, Nanjing, Nantong, Qingdao and Tangshan as well as other locations across China. The company recently opened new manufacturing facilities and research and development centers in Hefei, Shanghai, Silicon Valley (USA), Cleveland (USA), Tsukuba (Japan) and Singapore.

The company is one of the first in China to conduct independent research and development, production and sales of lithium-ion batteries for electric vehicles (EVs), with a focus on lithium iron phosphate materials and cells, ternary materials and cells, power batteries , Battery management systems and energy storage batteries. Our products are used in hybrid vehicles as well as in pure passenger, commercial and special vehicles. We also offer system solutions for energy storage power plants and communication base stations.

Inquiries & contact:

Chunyan Yang
[email protected]
+ 86 0551-62100253