New Straits Times
CATL zeroes in on first plant in Europe
BEIJING: The Chinese supplier of electric-vehicle (EV) batteries that’s planning a local factory with enough capacity to surpass the output of Tesla Inc has set its sights further: Europe.
Contemporary Amperex Technology Ltd (CATL) was close to picking one of three sites in the European Union for its first overseas plant, said chairman Zeng Yuqun in an interview.
The company was exploring Germany, Hungary and Poland for the plant, said a source.
“We see a big opportunity in Europe,” said Zeng on the sidelines of the National Committee of the Chinese People’s Political Consultative Conference, here.
The expansion in Europe comes on top of a plan to build a factory in the company’s home base of Ningde, Fujian, that would quintuple its production capability and make it the world’s largest EV battery cell maker.
A pending US$2 billion (RM7.8 billion) initial public offering would help finance the construction of the plant in China.
The European facility would supply major carmakers in the region, including BMW AG, said Zeng on Monday.
The company, which already sells the most batteries to the biggest electric-vehicle makers in China, was looking for a location in Europe with the lowest cost and the demand for electric vehicles on the continent would dictate the capacity, said Zeng.