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Chinese giant CATL to allocate $ 4.5 billion to expand capacity to produce lithium-ion batteries

Asia / Engineering

The company will invest up to RMB 12 billion to build a car and battery manufacturing base in southern China.

Chinese giant CATL to allocate $ 4.5 billion to expand capacity to produce lithium-ion batteries

Contemporary Amperex Technology Co., Ltd. (CATL), a major manufacturer of automotive lithium-ion batteries in China, on Tuesday announced a decision to allocate 29 billion yuan (approximately US $ 4.5 billion) to expand its production capacity.

CATL's report to the Shenzhen Stock Exchange says the company is investing RMB 12 billion to build a car battery factory in Zhaoqing City, Guangdong Province in southern China.

The company will also start implementing the 5th and 6th phases of a similar project in Yibin, prov. Sichuan in southwestern China. The investment will reach RMB 12 billion.

A subsidiary of CATL plans to invest 5 billion yuan in a production line expansion project in Xiapu County, Fujian Province in eastern China.

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