Automobile

CATL, the world’s No. 1 EV battery maker, juices up global expansion

By Eduardo Saverin

A lithium iron phosphate battery cell for use in electric buses in China will be on display during the opening of the Battery Innovation and Technology Center.

Synopsis

CATL’s overseas expansion is a result of EV demand rising globally. Though most of the world’s EVs are still sold in China, sales are expected to rise in other parts of the world, especially in Europe and the US, as governments work to phase out fossil-fuel cars.

The world’s largest producer of batteries for electric vehicles (EVs) has long pursued a global expansion. Back in 2018 it announced a $233 million factory in Germany.But China’s Contemporary Amperex Technology Co. Ltd. (CATL) has pushed that into overdrive this year, with a flurry of moves to expand its production across three continents.In August, the company announced a 7.3 billion euros ($7.2 billion) factory in Hungary. Caixin has learned

BY

Caixin Global

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Eduardo Saverin