CATL with 35% share of the world electric vehicle market is planning to build a manufacturing base in Luoyang city in Henan province, China with a value of $1.9 billion.
CATL targets their production facility to be completed in up to three years with a planned site area of around 1,700 mu (1.13 square kilometers), CATL said in a statement to the Shenzhen stock exchange on Wednesday.
The move is to further promote business development and meet market demand, the statement said.
CATL is growing rapidly as the demand for electric vehicles grows. Several auto manufacturers have announced their electrification targets to increase the demand for batteries for electric vehicles.
CATL currently has ten production bases worldwide, located in Ningde, Fujian; Xining, Qinghai; Liyang, Jiangsu; Yibin, Sichuan; Zhaoqing, Guangdong; Linga, Shanghai; Xiamen, Fujian; Yichun, Jiangxi; Guiyang, Guizhou; and Erfurt, Germany, according to a profile on its official website.
CATL also announced plans to issue medium-term notes of up to RMB 10 billion in China’s interbank bond market with maturities of up to five years.
CATL is China’s largest producer of electric batteries, with 12.99 GWh installed in August, continuing to rank first with a 46.79 percent share, according to the China Automotive Battery Innovation Alliance.
CATL Plans to build EVs battery plant in U.S. to supply Ford and BMW
