GEM announced on May 17 that the company and the Hungarian Consulate General in Shanghai, after friendly discussions, signed the "Memorandum of Cooperation on High-nickel Precursor Production and End-of-life Power Battery Recycling Project for New Energy Vehicles" on investment in high-nickel precursor production and end-of-life power battery recycling project for new energy vehicles. Both parties hope to build a European-leading, world-standard new energy circular economy industrial base in Hungary.