China's Gotion to set up a $2 billion lithium battery plant in Illinois
Last updated on: 09 September,2023 02:27 pm
The plant is expected to begin production in 2024
Manteno, Illinois (Reuters) - China's Gotion High-tech Co Ltd (002074.SZ) will set up a $2 billion electric vehicle (EV) lithium battery manufacturing plant in Manteno, Illinois that would create about 2,600 new jobs, the state governor's office said on Friday.
Global EV battery makers and automakers have been eyeing the North American market for setting up new manufacturing plants as they look to diversify supply chains and attract incentives under the Inflation Reduction Act.
"Gotion's battery technology will help to boost e-mobility in North America and the economic and trade exchanges between China and the United States," said Gotion chairman Li Zhen.
Gotion will be eligible to receive tax benefits totaling $213 million over 30 years and also get $125 million in capital funding from the U.S. state's Reimagining Energy and Vehicles incentive package.
Gotion's property tax abatement for 30 years was also approved by local authorities. Once completed, the facility in Manteno is expected to produce 10 GWh of lithium-ion battery packs and 40 GWh of lithium-ion battery cells, according to the statement.
The plant is expected to begin production in 2024.