Steve Grzanich has the business news of the day with the Wintrust Business Minute.

A Chinese company has signed real estate purchase agreements covering land and factories needed for an electric vehicle battery assembly plant in the south suburbs. Gotion High Tech made the disclosure in a statement posted on the stock exchange in China. The company has selected a site in Manteno in Kankakee County for its facility. It’ll assemble battery packs there with components produced at one of its factories in Michigan. Gotion provided no other details about the Manteno project in the statement.

Also, startup funding in Chicago dropped in the third quarter. Listen for more below: