China's battery giant CATL to invest 4.5 bln USD in expansion
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 (about 4.5 billion U.S. dollars) 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.