China’s EV Battery Maker Gotion Targets Aggressive Global Expansion; Shares Overvalued

Gotion High-tech is one of China's leading producers of lithium-ion rechargeable batteries for new energy vehicles. NEV batteries contributed 80% to Gotion’s total revenue in 2022. According to China Automotive Battery Innovation Alliance and SNE Research, Gotion is ranked fourth in China, after Contemporary Amperex Technology, or CATL, BYD, and CALB, with a market share of 5% as measured by electric vehicle battery installed capacity in 2022 and eighth globally with 3% market share. Gotion’s major customers include some of the leading local-brand automakers such as Chery, SAIC Wuling, JAC, Chang’an, and Leapmotor. In addition, Huawei is the company’s largest customer for its energy storage battery segment which was 15% of total revenue in 2022.