Critical battery investment from Chinese Geely in the USA!
Geely one of China’s largest automobile groups is buying Proterra Powered. The company has been operating in the field of battery supply for electric buses and commercial vehicles in the USA for 20 years for $ 210 million!
Proterra Powered is a battery and motor manufacturer affiliated with Proterra, which filed for bankruptcy protection in August 2023 due to difficulties in supplying battery cells and seeking funding. 20 years of experience and customer portfolio will be transferred to the Chinese with the agreement.
Proterra Powered’s battery solutions were previously used by Anadolu Isuzu in Turkey for the Citi VOLT electric bus. The company has a battery pack/module development center in California and a battery assembly plant in South Carolina.
Geely made the $210 million purchase through the Sweden-based Volvo Group The Group operates within its own organisation, and can use Proterra’s battery experience in Volvo brand commercial vehicles as well as passenger cars.
The Chinese giant, which was preparing to launch its Zeekr sub-brand, which produces only electric cars, to the stock market in the USA, was planning to expand its sales network in Europe in 2024, while in 2025 it had the desire to open up to the US market. In a possible US car factory investment, Proterra’s battery facilities could be a great advantage for Zeekr.
The company recently announced that another brand, Polestar, will be produced in South Korea in agreement with Renault to avoid 2.5%+25% customs duty in the US.
