Tianneng Power International, China's largest maker of lead-acid batteries for electric bicycles, will expand production of batteries for electric cars according to a report in the South China Morning Post.
"We are determined to expand in the presently untapped segment," Chen Minru, senior vice president of Tianneng, told the newspaper. "There's a huge potential in the market and Tianneng has to rev up the expansion pace."
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The report said that Zhang Tianren, chairman of Tianneng, has announced that the company would start trial operations of its new 1.6 billion yuan manufacturing facility of lead-acid batteries for electric cars in January 2017.
The new production facility in Changxing will have an annual capacity of 15 million kilovolt-ampere-hours and is expected to generate sales of 6 billion yuan a year, the report said, with batteries earmarked for mini electric vehicles whose maximum speed can reach 80 kilometres an hour.
Beijing has set a target of 5 million electrified new-energy vehicles on the road by 2020.
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