AUG 13, 2022
Contemporary Amperex Technology Co., Limited (CATL) officially announced today a huge new investment in a battery plant in Europe.
The Chinese manufacturer plans to make an investment of EUR7.34 billion ($7.5 billion) to construct an electric vehicle battery.
If the shareholder vote is approved at the meeting in the coming months, the construction of the first manufacturing facilities will begin before the end of the year.
This would be the second CATL battery plant located in Europe since the first (much shorter) is set to start production in the year 2019 at Erfurt, Germany.
According to CATL the facility located in Hungary will manufacture modules and cells (undisclosed chemicals) to be used by European automakers.
The facility is situated close proximity to several facilities of CATL's customers such as Mercedes-Benz, BMW, Stellantis and Volkswagen.
Mercedes-Benz specifically claimed that it's the primary and largest customer of the plant's first capacity.
The company states that the 100 GWh power plant can "enable it better deal with the demands for batteries in Europe.
European market, enhance the development of its global production network and accelerate the the transition to electric mobility and energy within Europe.
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