China’s CATL aims to raise $8.98 billion to expand lithium-ion batteries production

In a statement, Chinese battery giant CATL said, it is planning a private share placement to raise up to $8.98 billion (58.2 billion yuan) to fund six projects aimed at boosting the production capacity of lithium-ion batteries.

The development comes at a time when its peers, Contemporary Amperex Technology Co Ltd is expanding battery manufacturing capacity in Germany and in China.

CATL also plans on use several battery factories in Zhejiang, Fujian, and Guangdong in China. It will use the capital to develop battery technologies for energy storage facilities.

With the global auto industry accelerating its transformation towards electrification, CATL is supplying electric vehicle batteries to many automakers including Tesla Inc, Geely, and Volkswagen AG.

With the news reaching the market, CATL’s shares rose more than 5% on Friday.

The company has a market capitalization of more than $169.85 billion (1.1 trillion yuan).

($1 = 6.4764 Chinese yuan)

Categories: Creativity, Entrepreneurship, HR & Organization, Strategy

Tags: , , , , , , , , , , , , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: