Chinese electric vehicle (EV) battery producer Eve Energy has signed a deal with a clutch of foreign firms including Daimler Truck to build a factory in the US, the latest example of China’s growing prowess in manufacturing key components for EVs, reports the South China Morning Post. The Huizhou-based company, the mainland’s fourth-largest EV battery producer, said it would invest $150 million for a 10% stake in a joint venture with Daimler Truck, Electrified Power and Paccar, which will own and operate a 21 gigawatt-hours (GWh) battery plant. The three foreign investors will invest $830 million and hold a 30% stake of the venture each, according to a statement Eve filed with the Shenzhen Stock Exchange on Thursday.
The $2.64 billion plant, whose location has not been revealed, will use Eve’s technologies to develop and manufacture lithium-ion-phosphate (LFP) batteries for commercial vehicles, Eve said, adding that the three partners will be the major customers of the venture.
“Products will be mainly used in electric commercial vehicles in the North American market,” it said. “The tie-up will bring benefits to all the relevant parties in lowering development and production costs.”