Chinese EV battery maker Gotion has picked Illinois as the site of a new $2 billion EV lithium battery plant in the United States, the Midwestern state’s governor JB Pritzker announced with Gotion on Friday.
The facility is the latest Chinese green energy-related project in the U.S., and counters an overall downturn in Chinese investments amid geopolitical strains between the two countries. Annual foreign direct investment from China into the U.S. has dropped from $46 billion in 2016 to less than $5 billion in 2022, according to a report on Thursday by the Rhodium Group. “In the past seven years, China has gone from one of the top five U.S. investors to a second-tier player surpassed by countries such as Qatar, Spain, and Norway,” it said.
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