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Chinese EV Battery Maker Ponders European Factory
A Chinese maker of battery cells for electric vehicles is close to choosing one of three sites for a giant factory in Europe.
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A Chinese maker of battery cells for electric vehicles is close to choosing one of three sites for a giant factory in Europe.
Zeng Yuqun, the chairman of Contemporary Amperex Technology Co. Ltd. (CATL), claims his company’s technology surpasses that of South Korean battery producers that currently dominate the global market. A source tells Bloomberg News the European facility will be in Germany, Hungary or Poland.
The 7-year-old battery company is planning to quintuple its capacity in China with a factory in Ningde, pending a $2 billion initial public offering. That facility alone would make CATL the world’s largest producer of EV batteries, according to Bloomberg.
The news service says CATL already has struck supply deals with Nissan and Volkswagen to make cells for electrified vehicles those carmakers produce in China. The company opened a sales office in the U.S. last year and will do the same in Japan in May.
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