According to media reports, Denisa Sakova, the Slovak Minister of Economy, announced that Chinese battery manufacturer Gotion High-Tech and Slovak partner InoBat will invest 1.2 billion euros (approximately 1.29 billion dollars) to construct an electric vehicle battery plant in Slovakia.
In a televised news conference, Sakova stated that the project by Gotion High-Tech and InoBat will receive 150 million euros in state subsidies and 64 million euros in income tax relief. The two companies announced last November their plans to establish an electric vehicle battery factory in Slovakia, with an initial annual production target of 20 gigawatt-hours. The new plant is expected to start production in early 2027 and reach full production capacity by mid-2027.
According to the Slovak Ministry of Economy, the new factory will be located in Surany, 93 kilometers (58 miles) east of the capital, Bratislava, and is expected to create up to 1,500 jobs. In the future, the plant aims to double its production capacity.
Volkswagen Group, one of Gotion High-Tech's supporters, invested 1.1 billion euros in 2020 to become a shareholder in the company. Automakers such as Volkswagen Group, Volvo Cars, and Kia have plants in Slovakia, and the automotive manufacturing industry is a crucial pillar of the Slovak economy. Sakova noted that this investment will be the second-largest in Slovakia's history, and the construction of the plant is vital for the future of the country's automotive industry.
As Europe strives to boost its domestic electric vehicle battery industry and reduce its dependence on dominant Asian battery manufacturers, various European countries are competing for investments in this field.
