CATL Plans $1.9 Billion Battery Project in Central China

CATL is expanding at pace as consumer demand for electric cars skyrockets. Photo: Bloomberg

(Bloomberg) — Contemporary Amperex Technology Co. Ltd., the world’s biggest battery-maker for electric vehicles (EVs) with almost 35% of the market, plans to build a 14 billion yuan ($1.9 billion) manufacturing base in the city of Luoyang in the central Chinese province of Henan.

Construction of the project will take up to three years, CATL said in a statement to the Shenzhen stock exchange Wednesday. CATL said in a separate filing that it will sell as much as 10 billion yuan of notes on China’s interbank market to fund the building and operation of its various projects.