VW-backed Gotion High-tech's Overseas Revenue Triples in H1
HEFEI, China, Aug. 29, 2023 /PRNewswire/ -- On August 29, Gotion High-tech, a Chinese power battery manufacturer strategically invested by Volkswagen, released its 2023 semi-annual report. During the reporting period, Gotion recorded an operating revenue of RMB 15.239 billion, with a year-on-year increase of 76.42%. Notably, Gotion achieved an operating revenue of RMB 3.062 billion in overseas regions, with a year-on-year increase of 296.74%. The proportion of revenue surged from 8.94% in H1 2022 to 20.09%.
Gotion's core business segments of power batteries and energy storage have experienced substantial growth in both revenue and gross profit margin. Driven by the rapid growth of the new energy vehicle industry, Gotion's power battery business achieved a significant year-on-year revenue increase of 58.56%, amounting to RMB 10.478 billion, accounting for 68.76% of the overall revenue, in H1. Additionally, Gotion's energy storage business expanded with a revenue reaching RMB 4.147 billion, up 224.33% year on year. The energy storage segment contributed 27.21% to the overall revenue during this period. Notably, Gotion's power lithium battery business witnessed an increase in gross profit margin from 12.49% to 13.21% compared with the same period last year. The energy storage battery business also experienced an increase in gross profit margin, rising from 10.24% to 17.43%.
As a technology-driven enterprise, Gotion invested RMB 1.204 billion in scientific research and development in H1 2023, up 38.49% year on year. During H1, Gotion added 653 new patented technologies to its portfolio. As of H1 2023, Gotion has applied for a total of 6,997 patents and has been granted a total of 4,672 patents. These include 1,187 patents for invention (including 77 foreign patents) and 3,082 patents for utility model. Moreover, Gotion has presided over and participated in the formulation of 66 standards.
Gotion's battery technology has made continuous breakthroughs and innovations. In May, Gotion unveiled its self-developed Astroinno L600 battery cell and pack featuring a new LMFP system. The battery cell boasts an energy density of 240 Wh/kg, while the system energy density has reached 190 Wh/kg. It is planned to be mass-produced in 2024. It is reported that Gotion's nine models of third-generation battery cells, including the L600 battery cell, Volkswagen Unified Cell, and 4695 battery cell, have completed product iteration, which will bring new vitality to the technological innovation of the lithium battery industry.
Gotion's cooperation with its major shareholder, Volkswagen, remains ongoing. At the beginning of the year, Gotion was officially granted the Volkswagen Cell Test Lab qualification certificate, marking the recognition of its test capability by Volkswagen and its formal entry into the world-leading technological management system. In May, Gotion's wholly-owned subsidiary Hefei Gotion High-tech Power Energy Co., Ltd. received a procurement letter from Volkswagen, making the company a designated supplier of lithium iron phosphate (LFP) Unified Cell products for the automaker's overseas markets.
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