CALB and the Portuguese government signed a memorandum of cooperation on 2 November in Sines, Sebatul, Portugal. The electric vehicle battery production facility will be located in an industrial area near the Sines port.
The Port of Sines is the second largest deep sea port in Europe and the only port in Portugal that can handle the world’s largest container ships.
CALB’s electric vehicle battery production facility in Portugal will be the world’s leading zero-carbon highly intelligent, digital and automated vehicle, the company said.
On October 6, CALB went public in Hong Kong with an initial public offering at HK$38 per share, generating approximately HK$10.1 billion.
CALB is the world’s seventh-largest maker of electric batteries, with a 3.7 percent market share in September, according to a report released Tuesday by Seoul-based SNE Research.