Source: Wall Street News
The Ningde Era is also supplying equipment to Tesla's Nevada plant.
in$Tesla (TSLA.US)$As it strives to break into the affordable market of less than $25,000, the world's largest power battery manufacturer$Contemporary Amperex Technology (300750.SZ)$It is still an important partner. According to media reports, the two sides are cooperating to develop batteries that charge faster.
On Monday, Zeng Yuqun, chairman of Ningde Times, told the media:
If we're targeting the autonomous taxi market, we don't need to focus too much on the cost of a single battery because our batteries last longer and the average cost is actually lower.
He also confirmed that the Ningde Era is supplying equipment to Tesla's Nevada plant. According to reports, Tesla plans to expand battery production capacity in Nevada and establish a small local factory using equipment from the Ningde Era.
In addition to Tesla, the largest customer, Ningde Era also supplies durable lithium iron phosphate batteries to car companies such as BMW, Mercedes-Benz, and NIO. The latest financial report shows that with the advantage of battery supply in China and abroad, the company's revenue growth continues to exceed expectations.
Ningde Times plans to invite Ford engineers to the Ningde headquarters in China or a factory in Germany for training. According to reports, 10 to 20 other US and European car companies are negotiating similar arrangements with the Ningde Era.
In February of last year, Ford reached an agreement with Ningde Era to obtain technical authorization from the latter to produce batteries at its Michigan plant in the US.
According to Zeng Yuqun, the Ford-Ningde Era joint venture plant is scheduled to be put into operation by the end of 2026, but the planned production capacity has been reduced from the initial 35 gigawatt-hours to around 20 gigawatt-hours.
Finally, Zeng Yuqun also revealed that although the Ningde era had plans for a second listing, the current cash flow situation is good, and there are no plans to raise capital to expand shares for the time being.
editor/tolk