Chinese battery manufacturer Ganfeng invests $500M in Türkiye electric vehicle industry with Yigit Aku partnership

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China’s Ganfeng invests $500M in Türkiye with Yigit Aku partnership​

Aug 19, 2024 5:53 PM

Chinese battery manufacturer Ganfeng announced a $500 million investment in Türkiye’s electric vehicle industry. The deal, forged in partnership with domestic battery producer Yigit Aku, marks another major step forward for the country’s EV sector. Ganfeng is valued at $26 billion.

According to the Chinese firm’s statement, a large-scale factory will be established in Türkiye, which will have a production capacity of 5GWh of lithium batteries annually. Yigit Aku stated in an announcement to the Public Disclosure Platform that the purpose of this agreement is to increase Türkiye’s export capacity to the European market.

Details of facility

In its statement, Yigit Aku also disclosed the costs associated with the new production facility. The facility will have:

A research and development center
Technical training center
Access control and testing center
Battery testing center
Warehouses
Office buildings
Covered area: The total closed area of the facility is expected to be 132,200 square meters, with an estimated equipment investment of approximately $202.14 million and a projected workforce of around 400 people.

Yigit Aku and Ganfeng Lithium

Yigit Aku, established in Ankara, Türkiye, in 1976, operates a state-of-the-art facility spanning 78,356 square meters with an annual production capacity of 7 million batteries. The company serves over 500 active customers across more than 100 countries on five continents, offering its products under the brands Yigit, Platin, Helden, MacPower, and Tunc. Yigit Aku also supplies batteries to prestigious automotive firms, the industrial sector, and the defense industry worldwide, with a focus on lithium batteries for electric vehicles since 2013.

Ganfeng Lithium Co., Ltd., a leading global lithium and battery manufacturer, has announced a new $500 million investment in Türkiye through a partnership with Yigit Aku. Founded in 2000 by Li Liangbin, Ganfeng is headquartered in Xinyu, Jiangxi, and ranks as China’s largest and the world’s second-largest lithium salt producer.