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China BAK to Double Production of Electric-Vehicle Batteries
2010-11-08 04:58:37.304 GMT
By Bloomberg News
Nov. 8 (Bloomberg) -- China BAK Battery Inc., a Chinese
maker of rechargeable batteries used in electric vehicles, will
double its production capacity in Tianjin by the end of next
year, a company official said.
The company will produce lithium batteries with a daily
capacity of 600 kilowatt-hours by the end of 2010 and double
this a year later, Mao Huanyu, general manager of its unit, BAK
International Tianjin, said in an interview in Shenzhen.
The expansion will help BAK meet rising demand for
rechargeable batteries in the nation. "The market will increase
at least 20 percent each year in the next five years, since
China is actively promoting the development of electric-
vehicles, including the components," said Mao. "It has a lot
potential".
Lithium-ion batteries used for electric automobiles will
eventually cost lower and have higher energy densities that will
reduce their weight, Mao said.
"Lithium-ion batteries cost between 2.5 yuan ($0.37) and 4
yuan per watt-hour," he said. "The costs may decline by 15 to
20 percent next year."
China BAK, whose shares have gained 20 percent this quarter
on the Nasdaq Stock Market, is the only lithium-ion battery
supplier for electric vehicles of Chery Automobile Co. that went
on sale this month, China BAK said in a statement Nov.5.
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--Editor: Baldave Singh
To contact Bloomberg News staff for this story:
Feifei Shen in Beijing at +86-10-6649-7527 or
Fshen11@bloomberg.net
To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or
landberg@bloomberg.net.
