BUSINESS China's battery giant CATL to invest $4.5b in expansion

BUSINESS

China's battery giant CATL to invest $4.5b in expansion

Xinhua

17:09, February 03, 2021

Workers check up batteries at CATL's automatic production in Ningde, Fujian province. (Photo: Xinhua)

FUZHOU - Contemporary Amperex Technology Co Ltd (CATL), China's largest automotive lithium-ion battery maker, announced Tuesday that it plans to invest up to 29 billion yuan ($4.5 billion) in capacity expansion.

In a filing with the Shenzhen Stock Exchange, CATL said it will invest up to 12 billion yuan in a production base for automotive and energy-storage batteries in the city of Zhaoqing in South China's Guangdong province.

It will also invest up to 12 billion yuan in the fifth and sixth phases of an automotive-battery production base in the city of Yibin in southwestern Sichuan province.

In addition, a majority-owned subsidiary will invest up to 5 billion yuan in an expansion project of an automotive-battery production line in Xiapu county of Ningde, a city in East China's Fujian province, CATL said.

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