Hunan Corun New Energy Co., Ltd.
Company Profile
Business Overview
-A leading supplier in China engaged in the design, development, production, and sales of hybrid powertrain systems and other products, as well as the manufacture of components for New Energy Vehicles.
The Company operates three lines of business:
- Battery materials: Foamed nickel (positive electrode material), porous nickel-plated steel strip (negative electrode material), drive battery positive/negative electrode, alloy powder (negative electrode material)
- Batteries and battery packs: Lithium battery packs (for ride-sharing electric bikes, smart houses), nickel metal hydride power batteries (for hybrid vehicles, trains, etc.)
- Hybrid system assemblies: CHS1800/2800 series (for passenger cars), CHS1800/2800 series (for light-duty trucks and medium-duty buses), CHS18000/28000 series (for medium- and heavy-duty trucks and heavy-duty buses)
-The Company’s subsidiaries Changde Liyuan New Material Co., Ltd., which manufactures nickel foam and nickel steel strip, and Hunan Copower EV Battery Co., Ltd., which manufactures drive batteries and positive/anode materials, were the exclusive suppliers of nickel foam and positive and negative electrode materials for Toyota’s HEVs sold in China.
Changde Liyuan New Material Co., Ltd. sold 2.515 million square meters of nickel foam for HEVs, equivalent to the supply for about 382,000 vehicles. This represents a year-over-year increase of 98.8%, nearly double.
Hunan Copower EV Battery Co., Ltd. sold 365,000 units of HEV positive and negative electrodes, an increase of 92.3% year-over-year.
-Toyota’s HEVs use mainly nickel metal hydride (NiMH) batteries and its main supplier in the international market is Primearth EV Energy (PEVE) and the main supplier in the Chinese market is Toyota’s joint venture, Corun PEVE Automotive Battery Co., Ltd. In the fiscal year ending December 2021, Corun PEVE Automotive Battery Co., Ltd.’s HEV power battery sales increased by 63.7% year-over-year to CNY 3.225 billion, of which sales for HEVs accounted for 58.05%.