Eve Energy has announced plans to invest approximately 11 billion yuan ($1.6 billion) in two new battery plants in China, as it accelerates expansion to compete more directly with industry leaders such as CATL and BYD.
The expansion includes a 5 billion yuan facility in Jiangsu with an annual capacity of 50 GWh, producing batteries for both electric vehicles and energy storage systems. A second plant, located in Shanghang, will add 60 GWh of capacity and be developed as a joint venture with Fujian Longking.
Eve Energy will hold an 80% stake in the Shanghang project, while Longking will contribute 180 million yuan for the remaining 20%.
The latest projects are part of a broader capacity expansion plan that includes two additional 60 GWh facilities announced in late March in Huizhou and Jingmen. Combined, the four projects will bring total planned new capacity to 230 GWh.
The company, ranked as China’s fifth-largest battery maker in 2025 with a global market share of 2.7%, is also reporting improving financial performance. It expects first-quarter net profit to rise between 25% and 35% year-on-year, supported by diversified raw material sourcing and hedging strategies.
For the full year 2025, Eve Energy reported revenue of 61.47 billion yuan, up 26% from the previous year, though net profit increased by a more modest 1.4%, reflecting ongoing pricing pressure across China’s battery sector.
The company is also expanding internationally. A manufacturing facility in Malaysia, announced in 2025, is expected to reach 48 GWh of capacity across two phases, with the second phase set to begin deliveries in early 2026.
In Europe, Eve Energy plans to provide up to €42 million in financial support for its subsidiary Eve Power Hungary, subject to shareholder approval, as it builds out production capabilities in the region.
