Chinese billionaire Xiang Guangda’s battery company is hunting for more US investment opportunities despite mounting geopolitical tension between the world’s economic juggernauts.
REPT “is surely giving full respect to the world’s second largest energy storage market,” Chairman Hui Cao said during an interview. Although a specific target hasn’t yet been set, the aim is for the US to “contribute more than 10%” to REPT’s revenue. To be sure, REPT will be going up against heavyweight competitors including a unit of Elon Musk’s Tesla Inc. The Hong Kong-listed company also faces heightened geopolitical risks, with some US lawmakers working to blacklist certain Chinese firms and the Biden administration moving to increase tariffs on batteries, solar cells and other products from China.
Cao downplayed any potential impact from the upcoming US presidential election in November. He said he has no preference for either Republican nominee Donald Trump or his Democratic opponent Vice President Kamala Harris.