EV-Battery Maker CATL to Build $5 Billion New Production Base

What’s new: Chinese battery giant Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ) has begun construction on a 32 billion yuan ($5 billion) facility in Yichang, Central China’s Hubei province that will produce materials for new-energy vehicle (NEV) batteries.

The production base, built by CATL’s subsidiary Guangdong Brunp Recycling Technology Co. Ltd., will cover approximately 3.7 million square meters and have an annual output of 360,000 tons of iron phosphate and 220,000 tons of lithium iron phosphate, among other components of lithium-ion batteries, according to an announcement (link in Chinese) made by CATL on Saturday.