Ganfeng Lithium, one of China’s fastest growing companies, is expanding into battery production as it seeks to prepare for the expected rapid growth in the country’s electric car market.
The Chinese company, which is valued at $5.3bn after a 600 per cent increase in its share price over the past five years, will start shipping batteries to electric buses in August and to the car industry next year.
The move comes as the stakes rise in the electric vehicle market, with Volvo Cars this week announcing all its models from 2019 will have an electric motor, while Tesla Motors plans to deliver its first mass market Model 3s this month.
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