Tibox battery Slovakia

Will China build an EV battery plant in Slovakia?

Nov 23 (Reuters) - China's Gotion High Tech (002074.SZ) and Slovak partner InoBat have signed a memorandum to build an electric vehicle (EV) battery plant in Slovakia, the Slovak Economy Ministry said on Thursday.

Will Slovakia invest 1.2 billion euros to build an EV battery plant?

CONTEXT Slovakia's Economy Minister Denisa Sakova had said in June that Gotion and InoBat would invest 1.2 billion euros to build an EV battery plant in Slovakia, in what would be the second biggest investment in the country's history. Automobile production is major sector in Slovakia's economy.

Who invested in a technology company in Slovakia?

The funding round, the largest ever for a technology company in Slovakia, also included contributions from the country's sovereign wealth fund, Lilium, Bromo Capital, IPM Group and Cielo Capital, and complemented an investment from strategic investors Amara Raja and Rio Tinto, it said. WHY IT'S IMPORTANT

Why are European countries lining up to invest in EV batteries?

Countries have lined up to win investment in the sector amid European efforts to boost its EV battery industry and reduce reliance on dominant Asian battery makers, despite slower-than-expected demand for electric vehicles. KEY QUOTES "Western Europe has been slow to react to the critical need for battery technology.

What is the future of Slovakia's car industry?

Minister Denisa Sakova said the plant's construction was key for the future of the car industry, which is a major driver for Slovakia's economy. The plant, in Surany, 93 km (58 miles) east of the capital Bratislava, will create up to 1,500 jobs, the ministry said.

Who are Slovakian car companies targeting?

The Slovakian company targets customers from the passenger car, commercial vehicle, motorsport and aerospace sectors as potential customers. According to Boček, Europe has great potential, a strategically favourable location and a long tradition in the automotive industry.