The reason why Geely Automobile accelerates its power battery business layout is that its new energy vehicle strategic development plan requires its own mastery of core battery technology as support, aiming to take a dominant position in battery R&D, production and supply. A few days ago, the Geely Technology Group New Energy Battery Research Institute project signing ceremony was held in Xiuzhou District, Jiaxing, Zhejiang. The project has a total investment of approximately 3 billion yuan and plans to build a battery cell R&D center, power system R&D center, analysis and testing center, energy storage and cascade utilization center, technology project management center and cutting-edge technology development center. It is expected to be officially operational within the year. As the core component of electric vehicles, battery technology is a key factor in determining the product strength of a model. As subsidies for new energy vehicles gradually decline, car companies that can master the basics of batteries will undoubtedly have more effective cost control and competitive advantages. . Geely Automobile's establishment of a battery cell R&D center is obviously to master the core technology of power batteries. Unlike other OEMs that focus on self-built or jointly built PACK companies with battery manufacturers, Geely has a deeper and more ambitious layout in the field of power batteries. It is understood that Geely already has 300 core technology patents in new energy technology systems and solutions. In 2020, Geely Automobile will launch more than 30 new energy and electrified models on the market. Currently, all major OEMs are making plans in the field of power batteries. In addition to BYD's own battery factory supplying batteries, international models including BMW, Ford, Volkswagen, Daimler and others are increasing their deployment of power batteries, mainly focusing on the research and development of advanced battery technology. For example, BMW designs and assembles battery packs on its own. It first cooperated with CATL and put forward strict and complicated technical requirements for it, and finally developed BMW Brilliance's power battery. In addition to setting up a battery pack production factory and R&D center in Shenyang, BMW will also spend US$237 million to establish a battery R&D center in Munich, hoping to master and further improve battery technology in the future. Daimler is teaming up with Krupp, Germany's IAV and Fraunhofer Institute for Ceramic Technology and Systems to carry out a bipolar battery research and development project based on lithium-ion technology, which is expected to increase the vehicle's endurance to 1,000km. In addition, BMW, Ford and Volkswagen are also actively involved in the research and development of solid-state batteries, investing in solid-state battery companies such as SolidPower and QuantumScape and establishing joint ventures to jointly develop more advanced power battery technology. It can be seen that regardless of whether they produce batteries themselves, participating in the research and development of power battery technology has become an indispensable means of competition for OEMs. Once they have mastered advanced battery technology, OEMs can guide and require suppliers to produce cells according to their precise product requirements and specifications, thereby gaining core competitive advantages. This is also the key reason why Geely Group is so eager to master the knowledge and skills in battery cell R&D and production when it does not need to mass-produce battery cells on its own for the time being. It also verifies Geely's ambitions. In fact, Geely has already laid out and accumulated experience in power battery cells, modules and PACKs. Currently, Geely Group's mid-to-high-end passenger car power battery cells mainly come from CATL and its subsidiary Hengyuan New Energy. Its subsidiary Vair Electric Vehicle Technology (Suzhou) Co., Ltd. is responsible for the powertrain. CATL is its largest Power battery supplier. Prior to this, Geely Group's expansion in the field of power batteries has been continuously advancing, and it has gradually established Geely's power battery supply system through acquisitions, self-construction and joint construction. ?In terms of battery cell production: In 2014, Geely indirectly acquired shares in two power battery factories by acquiring the equity of Hongqiao Group, and has since launched battery production business. In April 2017, Geely fully acquired the right to use all production equipment and manufacturing technology intellectual property rights of LG's Nanjing factory. LG will also help Geely Group's high-end brands (including Volvo) continue to upgrade battery technology. ?In terms of modules and PACK: On April 14, 2016, Zhejiang Geely Holding Group’s Jinhua power battery assembly project started. The base plans to invest 2.05 billion yuan and has a designed annual production capacity of new energy power batteries of 1.5 million kilowatt hours. On March 12, 2018, a 500,000 battery pack project was planned and constructed in Hangzhou Bay, which is scheduled to be completed in December 2018. In December 2018, Geely Automobile announced that its subsidiary Zhejiang Jirun and CATL would establish a joint venture, in which CATL would invest 510 million yuan, accounting for 51% of the shares; Zhejiang Jirun would invest 490 million yuan, accounting for 49% of the shares. The joint venture company is engaged in the research and development, manufacturing and sales of battery cells, battery modules and battery packs, and provides a stable supply of core power batteries for Geely's new energy models. ?In terms of battery cell research and development: On September 17, 2018, Geely invested 50 million yuan through its subsidiaries to establish Hubei Geely Hengyuan New Energy Technology Co., Ltd. in Wuhan. The project has a total investment of 8 billion yuan to build battery and module production lines, a research and development center, a comprehensive office building, and a logistics matching center. The project will be constructed in two phases. It is planned to complete the site selection and preliminary work in 2018, and to be completed and put into operation in 2020. Coupled with the new energy battery research institute project settled in Jiaxing, Geely Group has participated in the entire battery production process from research and development to battery cells to modules to battery packs, thereby mastering the core technology of battery production and realizing " "Blue Geely Action" new energy strategy provides guarantee. Under the pressure of a sharp reduction in subsidies and intensifying market competition, in order to better reduce costs and ensure a stable supply of batteries, Geely Group is strengthening the research and development of battery technology and is also looking for new battery suppliers, including foreign battery companies. As well as self-produced batteries, thereby reducing the risk of being highly dependent on CATL. In the field of commercial vehicles, including Phylion Power, Hefei Guoxuan, Yiwei Lithium Energy, Qianjiang Lithium, etc. are also its suppliers, and it is expected that the supply of batteries will continue to increase in the future. In 2018, Geely Automobile formed four major technology paths, covering pure electric technology, hybrid technology, alternative fuels and hydrogen fuel cell technology. A total of 68,500 new energy vehicles were sold throughout the year. In 2018, Geely Automobile released a number of new energy vehicles including Borui GEMHEV, Borui GEPHEV, 01PHEV, Emgrand EV350, Emgrand EV450, and GSe series, becoming a strong competitor in the new energy vehicle market. In 2019, Geely will also launch MHEV and PHEV versions of Binyue, Binrui and Emgrand GL, as well as more new energy and electrified vehicle products such as the high-end brand Lynk & Co 02/03 PHEV, further increasing the sales proportion of new energy vehicles. The establishment of a battery cell R&D center and battery factory can meet the Geely Group's future new energy vehicle needs for the sustainable development of power batteries in terms of technology upgrades, production capacity supply, and cost reduction.

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