Gotion means ‘go innovation’ which is one of the best manufacturer for lithium batteries, Gotion battery cell is excellent, it used for EV and Solar over the world
Gotion High-tech Releases Annual Report for 2023: Impressive Growth in Operating Income and Profit
Gotion High-tech released its annual report for 2023, showcasing significant growth in various financial metrics. The company achieved operating income of 31.605 billion yuan, a year-on-year increase of 37.11%. Operating profit reached 975 million yuan, marking a staggering growth of 390.92% compared to the previous year. The net profit attributable to shareholders was 939 million yuan, reflecting a notable increase of 201.28%. These results indicate a substantial improvement in operational efficiency.
On the same day, Gotion High-tech also released its first-quarter report for 2024. The company recorded revenue of 7.508 billion yuan in the first quarter, a 4.61% year-on-year increase. The net profit attributable to shareholders, excluding non-recurring items, surged by 195.26% year-on-year.
Exceeding 40GWh in Deliveries, Double Growth in Power Storage
According to the annual report, Gotion High-tech achieved a milestone in product deliveries, surpassing 40GWh in 2023, representing a growth of over 40%. Despite the continuous decline in battery prices, the company’s taxable sales revenue saw a growth of over 50%.
In the field of power batteries, Gotion High-tech actively expanded its customer base in the mid-to-high-end segment and the global market for B-class vehicles, driving steady performance growth. During the reporting period, revenue from power battery sales reached 23.051 billion yuan, a year-on-year increase of 24.72%.
The company continued to optimize its customer structure, maintaining stable cooperation with clients such as Geely, Chery, Shantou Wuzhoulong, TATA, Changan, and VinFast, while also adding new strategic customers like GAC and Zotye. According to data from the China Automotive Power Battery Industry Alliance, Gotion High-tech held a 4.1% market share in power battery sales in 2023, positioning itself as an industry leader.
In the field of energy storage, Gotion High-tech possesses a mature technological system, a comprehensive product matrix, and integrated solutions. During the reporting period, the company’s energy storage business revenue reached 6.932 billion yuan, a remarkable increase of 97.61%, with revenue share rising to 21.93%.
The company strategically focuses on the power generation side, the grid side, the power source side, and the user side of energy storage. It has established partnerships with well-known enterprises such as the Southern Power Grid, Three Gorges Corporation, Gan Energy, Japan’s Edison Energy, Germany’s BASF, America’s PGT, and the UK’s Pod Point, collectively promoting advancements in the energy storage industry.
Nearly 28 Billion Invested in R&D, Driving Product Upgrades through Innovation
Gotion High-tech remains committed to innovation-driven development, continually increasing its investment in research and development to accelerate product technology iteration. In 2023, the company’s R&D investment reached 2.768 billion yuan, a year-on-year increase of 14.57%. It added over 1,500 new global patented technologies, bringing the total patent applications to 8,083 by the end of December 2023, including 3,573 invention patents (including 242 foreign patents) and participation in 75 standard-setting projects.
Continued research and development innovation have cemented Gotion’s leading position in battery technology and product strength. During the reporting period, the company significantly improved the compaction density and low-temperature performance of lithium iron phosphate materials. Its lithium manganese iron phosphate products broke industry ceilings, while self-developed PACK technology and battery thermal management technology lead domestically.
Third-generation cell products such as UC cells, 4695 cylindrical cells, semi-solid-state pouch batteries, L300, L600, M600, and N300 have shown outstanding performance in safety, energy density, power performance, and service life, gaining market recognition. Among them, UC cells have been designated by Volkswagen globally, and the self-developed Qicheng battery pack system has achieved an energy density of 190Wh/kg.
116% Growth in Overseas Revenue, Continued Deepening of Globalization Strategy
In response to opportunities in international markets, Gotion High-tech continues to deepen its globalization strategy, completing the establishment of business segments in the Americas, Europe and Africa, and the Asia-Pacific region. A new development pattern of dual circulation—both domestic and international—and integration of domestic and international research, production, supply, and marketing is gradually taking shape.
In 2023, overseas revenue reached 6.428 billion yuan, a year-on-year increase of 115.69%, with products exported to multiple countries and regions globally, including Thailand, Indonesia, Vietnam, India, Singapore, the United States, Canada, and the European Union.
During the reporting period, Gotion High-tech not only secured Volkswagen’s overseas market but also added a batch of international strategic partners such as InoBat, Japan’s Edison Energy, Germany’s BASF, US-listed company PGT, and the UK’s Pod Point, further enhancing sales of passenger vehicles, commercial vehicles, and energy storage batteries.
Pack factories in Germany, Indonesia, Thailand, and Silicon Valley in the United States smoothly started production, with production bases in Vietnam, Chicago in the United States, Michigan in the United States, Slovakia in Europe, Argentina, and Indonesia making progress. The company has now achieved a global production capacity of 150GWh, initially forming a layout of ten major overseas bases covering materials, cells, and packs, and realizing localized production and research and development overseas.