EVE Energy plans CN¥11bn expansion as Q1 profit surges

Chinese battery maker Eve Energy has announced two new battery plants costing a combined CN¥11bn (US$1.6bn) and with a total annual capacity of 110 GWh encompassing both electric vehicle (EV) and energy storage (ESS) applications. The development came alongside indications that the company expects first-quarter net profit to be up between 25-35% year-on-year. 

The announced expansion comprises a CN¥5bn, 50 GWh facility in Jiangsu province, producing both ESS and EV batteries, as well as a CN¥6bn, 60 GWh plant in Shanghang, Fujian, to be developed as a joint venture (JV) with Fujian Longking. Eve will hold an 80% stake in the JV, with Longking contributing CN¥180m for the remaining 20%.

The announcements form one half of an ambitious capacity expansion for Eve, which came in as China’s fifth-largest battery maker in 2025 with a global market share of 2.7%. Two further battery plants were disclosed in late March—a 60 GWh project in Huizhou and a 60 GWh project in Jingmen—bringing the manufacturer’s total planned new capacity to 230 GWh across four sites. 

Eve’s Q1 earnings are expected to come in between CN¥1.38bn-¥1.49bn, with the company citing effective management through diversified procurement of raw materials and hedging some of its financial bets. Full-year 2025 revenue rose 26% to CN¥61.47bn, though net profit grew a considerably more modest 1.4%—a margin squeeze that is consistent with the pricing pressure that is increasingly characteristic of China’s battery sector. 

Meanwhile, Eve’s production expansion has also taken on international dimensions. A facility in Malaysia, announced in mid-2025, will reach 48 GWh of combined capacity across two phases, with the second phase beginning deliveries in Q1 2026. The company also plans to guarantee up to €42m (US$49m) in financing for its Hungarian subsidiary, Eve Power Hungary, subject to shareholder approval.