Contemporary Amperex Technology Co. (CATL), a battery maker for electric vehicles (EVs), plans to build a 14 billion yuan ($1.9 billion) battery manufacturing base in the city of Luoyang in the central Chinese province of Henan, reports mining.com.
Construction of the project will take up to three years. CATL said separately that it will sell up to 10 billion yuan of notes on China’s interbank market to fund it.
The company president said last week that CATL is considering a third factory in Europe. Last month, it announced plans for a second European EV battery plant in Hungary.
That €7.3 billion ($7.2 billion) operation will be in partnership with the Mercedes-Benz Group. It has a planned output of 100 GWh and will also supply Volkswagen and Stellantis. CATL expects it to be ready within five years.
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