EVE Energy receives designated supply notice from FAW Bestune

Shanghai (Gasgoo)- On February 6, Chinese lithium battery supplier EVE Energy announced that its subsidiary, Hubei EVE Power Co., Ltd., has received a notice from FAW Bestune, who designated it as the latter's supplier of large cylindrical batteries.

EVE Energy said that this move recognizes the performance and supply capabilities of its large cylindrical batteries, advancing the company's position in the lithium-ion power battery market.

Regarding supply of large cylindrical batteries, EVE Energy has already secured partnerships with leading automakers such as BMW Group, Dayun Automobile, JAC Group, and Changan Automobile.

In September 2024, EVE Energy signed a strategic agreement with Geely's Farizon New Energy Commercial Vehicle Group (Farizon) to collaborate on business policies, technology, and market promotion. Per the agreement, both parties would leverage their respective strengths to expand new energy vehicle (NEV) markets worldwide and conduct joint marketing efforts, enhancing brand recognition, reputation, and market share.

EVE Energy has also established a partnership with XPENG, supplying batteries to multiple models, including the G3, the P5, the P7, the G9, and the X9. Notably, the XPENG P7+ model comes standard with EVE Energy's batteries across its entire lineup.

Beyond passenger vehicles, the company is driving electrification in commercial vehicle segments, with its batteries deployed in buses, logistics vehicles, heavy-duty trucks, and construction machinery for clients like Farizon, Dongfeng Motor, and Foton Motor.

It is noteworthy that EVE Energy updated in 2024 the revised prospectus for its public offering of convertible corporate bonds. The company intended to issue up to 5 billion yuan in convertible bonds to fund battery production expansion, with 3.1 billion yuan allocated for a 23GWh cylindrical lithium iron phosphate energy storage and power battery project and 1.9 billion yuan for a 21GWh large cylindrical power battery project for passenger vehicles.