Many Lithium Battery Companies Announce Plans to Build Factories in Southeast Asia

On August 5, according to the news of the Federation of Industry and Innovation, several Chinese lithium battery companies announced their plans to establish factories in Southeast Asia in July. Sunwoda plans to invest 2 billion yuan to build a consumer lithium battery factory in Vietnam. EVE Energy will invest 3.27 billion yuan in a new energy storage and consumer battery manufacturing project in Malaysia, and COSMX will invest 2 billion yuan to produce consumer battery products in Malaysia. The main reasons for these domestic lithium battery companies to expand their production capacity in Southeast Asia include diversifying shipping locations, achieving localized supply for some products, and avoiding potential tariffs and trade barriers.