World News | Slovakia's Government Signs a Memorandum with China's Gotion High-Tech to Build a Car Battery Plant

Bratislava, Nov 23 (AP) The Slovak government signed a memorandum of understanding on Thursday with Chinese electric vehicle battery maker Gotion High-Tech and its local partner, InoBat, to build a car battery plant in Slovakia.

The two companies formed Gotion InoBat Batteries, a Chinese-Slovak venture to build the plant in the town of Surany, about 100 kilometres east of Bratislava. It should create about 1,500 jobs and become operational in 2026 with an initial production of 20GWh.

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Financial details about the investment were not given.

German car giant Volkswagen is the largest shareholder in Gotion High-Tech with a 24.77 per cent stake. Volkswagen has a car plant in Slovakia.

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Gotion High-Tech began production in its first European plant in Gottingen, Germany, in September. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)