First time a battery manufacturer takes a reverse stake in a commercial vehicle OEM
After supplying batteries to Geely Remote for seven years, Gotion High-Tech has acquired another identity: shareholder.
Recently, Remote Commercial Vehicle Technology Co., Ltd. underwent industrial and commercial registration changes, adding shareholders including Hefei Gotion High-Tech Power Energy Co., Ltd., a wholly-owned subsidiary of Gotion High-Tech, and CITIC Securities Investment Co., Ltd. The registered capital increased from approximately CNY 957 million to CNY 1.06 billion.
This investment occurs against a noteworthy backdrop:
Remote is not only Gotion High-Tech's largest OEM customer in the new energy logistics vehicle sector but also CATL's largest customer in this niche market.
Now, Gotion has taken the lead in extending the relationship from battery supply to equity cooperation.
Just three months ago, Gotion reached an agreement with Sany Group for battery procurement of no less than 10GWh by 2027.
From securing long-term orders from major customers to directly investing in OEMs, Gotion's moves in the commercial vehicle sector have become increasingly frequent this year.
Behind this lies a rapidly growing market where the competitive landscape is shifting.
In the first three quarters of 2026, the installation volume of power batteries for domestic new energy commercial vehicles grew by nearly 58% year-on-year, far exceeding the overall growth rate of 16.7% for all power batteries.
EVE Energy, CALB, BYD, and Gotion High-Tech together have already captured over 40% of the market share.
The competition on the OEM side is equally fierce.
Although Geely Remote has secured the top position in multiple niche markets such as new energy vans, light trucks, and battery-swap heavy trucks, its growth rate in new energy light trucks has lagged behind the overall market, and it ranks only seventh in the overall medium and heavy truck market.
As full-scenario electrification deepens, while commercial vehicle enterprises compete for market share, power battery manufacturers are also vying for these OEM customers.
Battery banks, joint manufacturing, long-term procurement agreements, and equity investments are becoming different bargaining chips in this competition.
01. After Seven Years of Supply, Gotion Takes a Reverse Stake in Its Major Customer
Since the beginning of this year, Gotion High-Tech has launched a series of collaborations centered on new energy commercial vehicles, covering major customers such as Sany Group, Chery Commercial Vehicles, and Geely Remote.
In July, Gotion signed a strategic cooperation agreement with Sany Group, stipulating that Sany Group's procurement of power batteries from Gotion would be no less than10GWh by 2027. The scope of cooperation covers products such as new energy heavy trucks, loaders, and construction machinery.
The two parties had previously jointly developed the MTB battery system, which was applied to Sany Jiangshan SE battery-swap heavy trucks. This collaboration further extends to CTB2.0 technology, lithium manganese iron phosphate products, and mobile storage-charging-swapping systems.
During the IAA Transportation (International Commercial Vehicle Exhibition) in Hanover in September, Gotion joined hands with United Heavy Truck under Chery Commercial Vehicles to launch an integrated transport capacity solution encompassing "vehicles, solar, storage, charging, and swapping," and completed the delivery of the first customer vehicle for the Euro-Africa transport corridor battery-swap heavy truck.
From battery sales to energy replenishment facilities and operational services, Gotion is expanding the scope of its participation in the commercial vehicle business.
The latest investee, Geely Remote, is an important customer with whom Gotion has collaborated for many years.
The two parties began their power battery matching cooperation in 2019. In 2022, Gotion signed a strategic cooperation agreement with Geely Remote, proposing an estimated supply of 126,000 sets of power battery products from 2022 to 2024, covering models such as pure electric mini-vans, light trucks, and range-extender light trucks.
In 2023, Gotion further formed a five-year strategic partnership with Remote and Afanti New Energy, aiming to promote Remote commercial vehicles equipped with Gotion batteries and explore business models such as battery banks, vehicle-battery separation, and standardized battery swap stations.
In November of the following year, the three parties launched the "Huan Neng" series of battery-swap mini-vans, mini-trucks, and light trucks equipped with Gotion battery systems.
Gotion thus became one of Remote's key battery suppliers.
According to institutional statistics on the three-electric system installation for new energy logistics vehicles from January to August 2026, Gotion High-Tech accumulated approximately 1.75GWh in installations, holding a 12.2% market share, second only to CATL.
Remote is Gotion's largest OEM customer in this market.
It should be noted that Remote is also CATL's largest customer in the new energy logistics vehicle sector.
Gotion's stake acquisition occurred in the context of existing large-scale supply relationships between the two parties, and Remote having multiple battery suppliers simultaneously.
02. First in Light Trucks, Seventh in Heavy Trucks: Remote Fights for More Market Share
Why did Gotion choose to further invest capital in Remote?
From a market performance perspective, Remote's competitive advantages and growth pressures are dispersed across various niche commercial vehicle segments.
In the first three quarters of 2026, Remote sold approximately 149,300 new energy commercial vehicles cumulatively, a year-on-year increase of 39%, maintaining its leading position in the domestic new energy commercial vehicle market.
However, in niche markets, Remote exhibits obvious differentiation.
In the new energy van segment, Remote sold 63,400 units cumulatively from January to September this year, a year-on-year increase of 60.6%. Its market share reached 21.3%, ranking first in the industry.
The second-place SAIC-GM-Wuling sold 53,200 units in the same period with a 17.9% share; Changan Kuayue ranked third with 40,000 units, a year-on-year increase of 291.5%.
Competition in the new energy light truck market is even fiercer.
Remote sold 26,200 units cumulatively in the first three quarters, holding a 16.3% share and continuing to rank first. However, its year-on-year growth was only 5.6%, significantly lower than the industry-wide growth rate of 39.7%.
During the same period, Sinotruk's new energy light trucks grew by 108.2%, Chery by 157.1%, and FAW Jiefang by 120.7%.
Facing rapid expansion by traditional commercial vehicle giants and new entrants, Remote's leading position in the new energy light truck market is facing greater competitive pressure.
The heavy truck market presents a different landscape.
From January to September this year, XCMG's new energy medium and heavy truck sales reached 36,200 units, ranking first with a 15.8% share. Sinotruk and Sany sold 32,300 and 31,500 units respectively, achieving shares of 14.1% and 13.7%.
Remote sold 12,100 units in the same period. Although this represented an 80% year-on-year increase, its market share was only 5.3%, ranking seventh, with overall scale falling short of the first tier.
However, in the battery-swap heavy truck niche market, Remote has formed a differentiated advantage.
Data from China Commercial Vehicle Network shows that in the first three quarters of 2026, domestic battery-swap heavy truck sales totaled 51,200 units, a year-on-year increase of 19%.
Remote ranked first with sales of approximately 9,757 units, an 84% year-on-year increase, achieving a market share of 19.1%, up 6.8 percentage points from the same period last year.
XCMG and Jiefang followed closely with shares of 17.2% and 16.2% respectively.
Remote has a sales foundation in the light logistics vehicle market and focuses on competing in the heavy truck sector through vehicle-battery separation, battery swap models, and operational services.
Different OEM competitive paths bring about different battery demands.
Urban distribution vehicles primarily focus on procurement costs, body space utilization, and operational efficiency; high-intensity operational heavy trucks have higher requirements for battery life, energy replenishment efficiency, and reliability; battery-swap models also need to consider battery pack standardization, asset management, and compatibility with energy replenishment networks.
This prompted Remote to build a diversified battery supply system.
In addition to Gotion High-Tech, EVE Energy is also an important supplier that has collaborated with Remote for many years. According to data disclosed by EVE in January 2026, since their cooperation began in2016, the cumulative number of matched vehicles has exceeded 100,000.
Jiyao Tongxing within the Geely Group is also accelerating its commercial vehicle battery matching. In October this year, it achieved mass production and vehicle integration of the first commercial vehicle-exclusive Golden Brick Battery.
As OEM competition intensifies, Remote must maintain its scale advantage in light logistics vehicles while pushing heavy truck business into more application scenarios.
For Gotion, the urban distribution logistics, light commercial vehicles, and battery-swap heavy truck markets covered by Remote complement its heavy truck battery and comprehensive energy replenishment business promoted among customers like Sany and Chery.
From procurement agreements to equity cooperation, different OEM customers correspond to different market expansion methods for Gotion.
03. Four Battery Manufacturers Capture 42% Share; Power Battery Competition Extends to Capital Level
Gotion's continuous strengthening of its presence in commercial vehicles reflects structural changes occurring in the power battery industry.
In the first three quarters of 2026, the installation volume of power batteries for domestic new energy commercial vehicles reached 145.87GWh, a year-on-year increase of nearly 58%, far exceeding the overall growth rate of 16.7% for all power batteries during the same period.
Commercial vehicles are becoming an important source of growth for the power battery market.
At the same time, more and more battery companies are expanding their installation shares.
Data shows that in the first three quarters of this year, EVE Energy ranked second in the commercial vehicle power battery market with a 14.06% share, a year-on-year increase of 67.29%, with installation volumes of approximately 20.5GWh.
CALB ranked third with a 10.69% share, up 3.45 percentage points from the same period last year, reaching installation volumes of approximately 15.6GWh.
BYD ranked fourth with a 9.57% share, and Gotion High-Tech ranked fifth with 8.07%.
The four aforementioned companies collectively occupy 42.39% of the market share.
Looking at a longer cycle, in 2024, the combined share of manufacturers other than the top one in the domestic commercial vehicle power battery market was 38.95%; this expanded to 50.83% in 2025 and further reached 56.29% in the first three quarters of 2026.
A previously highly concentrated market is forming a pattern where multiple large battery companies participate in competition.
The high growth of the commercial vehicle battery market stems both from the increasing electrification rate of vehicles and the higher average battery capacity per vehicle.
Data from the China Automotive Battery Innovation Alliance shows that in the first three quarters of this year, the average battery capacity per new energy passenger vehicle in China was approximately 56.7kWh, while the average for new energy trucks reached 215.2kWh.
For pure electric heavy trucks adopting 500–600kWh battery systems, the battery demand per vehicle is equivalent to that of approximately 9–11 ordinary new energy passenger vehicles.
Higher battery demand per vehicle makes the commercial vehicle market, particularly heavy trucks, an important direction for battery companies to expand installation scale.
Against this background, competition in commercial vehicle batteries is extending from simple product supply to manufacturing, energy replenishment, asset operation, and capital cooperation.
Gotion High-Tech's current move marks the first instance of a battery manufacturer taking a "reverse stake" in a commercial vehicle OEM entity.
CATL previously established a joint venture battery leasing company with Foton Motor, cooperating around business areas such as vehicle-battery separation and battery leasing for new energy trucks.
In 2025, EVE Energy announced plans to jointly invest CNY 500 million with Foton Motor to establish a battery bank company, with each party holding a 50% stake, promoting the adoption of new energy trucks through battery leasing and other means.
BYD adopted a path of joint manufacturing. In 2023, its subsidiary FinDreams Battery jointly established Xugong FinDreams Battery Technology Co., Ltd. with XCMG Group, with a registered capital of CNY 1 billion, extending their cooperation to battery manufacturing and R&D.
In comparison, Gotion directly entered the shareholder list of Remote Commercial Vehicle Technology Co., Ltd., extending cooperation to the equity level of the OEM business entity.
The commercial logic behind these actions varies.
Battery banks mainly focus on battery asset allocation and operation, lowering the threshold for vehicle purchase; joint manufacturing helps both parties collaborate on capacity, R&D, and delivery; equity investment may further deepen the long-term cooperation between battery suppliers and OEM customers.
As the new energy commercial vehicle market expands, what battery companies need to compete for is not only the installation share of new models but also the sustained procurement demand from OEMs and long-term business opportunities in fleet operations and battery swap energy replenishment.
From agreeing on large-scale procurement with Sany Group, to partnering with Chery Commercial Vehicles to advance global energy replenishment solutions, to investing in Geely Remote, Gotion High-Tech is expanding its commercial vehicle business territory through various means.
With the rapid expansion of the commercial vehicle battery market and intensified competition among top-tier suppliers, competition among battery companies is extending from products and orders to customer relationships and capital ties.