Shanghai  (ZXZC)- Gotion High-Tech announced on Tuesday its annual revenue was forecasted to reach 21.1 billion yuan-23.9 billion yuan ($3.126 billion-$3.541 billion) in 2022, which should surge 103.75%-130.78% from the previous year.

According to the company's announcement, Gotion High-Tech is expected to score a 115.92%-214.06% year-on-year spike in its 2022 full-year net profit attributable to shareholders, which should come in at 220 million yuan-320 million yuan ($32.596 million-$47.412 million).

Photo credit: Gotion High-tech

Thanks to the rapid development of the new energy vehicle industry and the strong market demand for power lithium batteries, the company's power battery business is developing at a fast pace, said Gotion High-Tech. Last year, the battery maker continued to increase investment in R&D and product innovation to accelerate the expansion of its production capacity, and provide downstream clients with high-quality products and services at low prices.

In the year of 2022, Gotion High-Tech saw its newly built production capacity gradually put into operation, further strengthening its supply capacity, while also strengthening its ability to develop domestic and international markets, and maintain strategic customers. Thanks to those factors, the company's revenue for the year shot up by approximately 120% year on year.

Moreover, the company said it actively laid out the upstream industry of power lithium batteries and improved its cost control capability, while continuing to implement measures for cost reduction and efficiency improvement, resulting in a substantial increase in its 2022 annual net profit attributable to shareholders.