Gotion reports record high overseas revenue despite geopolitical tensions

Chinese battery maker Gotion High-tech reported a record overseas revenue of 11 billion yuan ($1.38 billion) in 2024, up 71.2 percent year-on-year, as it expanded aggressively in the United States, Europe and Asia despite growing global trade tensions.

"In the face of mounting trade protectionism, Gotion is ramping up localized production capacity in overseas markets to sidestep trade barriers," the company told China Daily.

Backed by Volkswagen, Gotion has announced plans to build electric vehicle battery plants in the American states of Michigan and Illinois, though progress has been clouded by geopolitical uncertainty. In contrast, the company's facilities in Germany, Thailand and Vietnam are either operational or under construction.

The company said that it has accelerated its footprint across the Americas, securing contracts with major automakers, while deepening relationships with existing clients such as VinFast and Tata in Asia. The company also signed a 4 GWh energy storage deal in Australia.

The share of overseas revenue rose to nearly 30 percent of total sales, up from 20 percent the previous year, reflecting a shift in the company's global strategy, it said.

As new projects keep rolling out, Gotion is expected to further grow its market share and strengthen its brand through partnerships with leading players, it added.

Gotion's 2024 earnings showed total revenue rose nearly 12 percent to 35.4 billion yuan, while net profit increased nearly 29 percent to 1.21 billion yuan. Non-recurring profit—excluding one-off items—soared 125.86 percent year-on-year.

According to market consultancy SNE Research, the Hefei, Anhui province-based Gotion ranked third globally in lithium iron phosphate (LFP) battery installations in 2024, with a 6.18 percent market share. It placed eighth in overall EV battery deployments and seventh in energy storage battery shipments.