EVE Energy US Holdings, a subsidiary of Chinese EVE Energy, announced on September 7, 2023, that it plans to establish a joint venture in the United States with Electrified Power, Daimler Trucks, and Paccar Inc. The capital contribution limit for the joint investment shareholders is set at a total of $2.64 billion, with EVE Energy US holding a cash contribution limit of $150 million, representing 10% of the joint investment stake. Electrified Power, Daimler Trucks, and Paccar Inc. each have a cash donation limit of $830 million and will hold a 30% stake in the joint company.
The joint investment company announced that it will receive licenses from EVE Energy or its subsidiaries to develop, manufacture, and commercialize licensed products and will pay license royalties as agreed. The batteries produced by the joint venture will mainly be used in the commercial vehicle sector in North America.
This joint investment is an important step in improving the global industrial layout for EVE Energy. It benefits all parties involved, similar to the cooperation between CATL, the world’s largest power battery manufacturer, and Ford, a US automaker.
Ford has announced plans to invest $3.5 billion to build a lithium iron phosphate (LFP) battery factory in Michigan, USA. The factory, Ford’s first fully owned battery factory, will introduce LFP battery options for Ford’s electric vehicles. CATL will provide technical and service support for producing LFP batteries at the factory, while Ford engineers will be responsible for cell and vehicle integration.
According to data released by market research firm SNE Research on September 5, EVE Energy’s global power battery installation from January to July reached 8 GWh, with a market share of 2.2%, ranking eighth. CATL maintains its position as the world’s number one with a 36.6% market share out of the 132.9 GWh of batteries installed from January to July.
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