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.