CATL to further expand production in China
Contemporary Amperex Technology (CATL) is planning to set up a new production base in the city of Yibin in China’s Sichuan province, according to a filing in Shenzhen Stock Exchange.
The new facility into be built on an investment of CNY10 billion ($1.4 billion).
CATL will be self-financing this project and believes that this investment will be beneficial for the company in the long-term. The construction of the facility on the 165 acre land will be managed by a subsidiary formed the the company. Last year, the battery manufacturer had formed a lithium joint venture with government organisations and other parties in Yibin.
The company had also announced last week that it will be issuing corporate bond of CNY10 billion ($1.4 billion). It is believed that this capital infusion would be used to expand its production capacity to help serve the rapidly accelerating EV market both domestically as well as globally.
CATL to further expand production in China
Modified on Monday 30th September 2019
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CATL to further expand production in China