Caixin
Jul 10, 2018 07:49 PM
BUSINESS & TECH

Electric-Vehicle Battery Leader to Open German Plant

A lithium-battery assembly line is seen at a factory of Contemporary Amperex Technology Co. Ltd. in Ningde, Fujian province, on Jan. 10. Photo: VCG
A lithium-battery assembly line is seen at a factory of Contemporary Amperex Technology Co. Ltd. in Ningde, Fujian province, on Jan. 10. Photo: VCG

Contemporary Amperex Technology Co. Ltd. (CATL), a leading manufacturer of batteries for new-energy vehicles, signed a deal to open its first overseas factory in Germany, while German carmaker BMW increased its investment in China and its purchases from CATL.

CATL will build a research-and-development base in the state of Thuringia with an initial investment of 240 million euros ($282.2 million), according to a filing with the Shenzhen Stock Exchange on Monday. Company representatives met with German officials to confirm the deal the same day, on the sidelines of Chinese Premier Li Keqiang’s official visit to the country.

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