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China’s CATL Plans Battery Plant in Germany
CATL—China’s Contemporary Amperex Technology Ltd.—expects to open a factory in Germany to supply BMW AG and other carmakers with cells for electric car batteries.
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CATL—China’s Contemporary Amperex Technology Ltd.—expects to open a factory in Germany to supply BMW AG and other carmakers with cells for electric car batteries, according to Reuters.
Sources tell the news service the deal will be finalized in Berlin on July 9. Details about the factory’s location and capacity aren’t yet known. BMW confirmed yesterday it has awarded a supply contract to CATL to buy €1 billion ($1.2 billion) worth of cells.
CATL is China’s largest maker of EV batteries. The carmaker also has signed deals with two South Korean battery providers, LG Chem and Samsung. Reuters says the three multi-year agreements are worth $25 billion in batteries.
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