CATL will, during the next three years, “grasp the opportunities of the fast growth in the global lithium-ion battery market, and maintain our leading position in technologies, manufacturing, capacity and talents,’’ Zeng said.
CATL will use the IPO proceeds to help finance a new 24 gigawatt-hour factory in Ningde and to develop more-advanced battery technologies. CATL is supplying cells to a slew of new cars being introduced by global automakers in China, including Hyundai’s plug-in version of the Sonata and Toyota Motor Corp.’s ix4, a rebadged pure EV developed by its Chinese partner Guangzhou Automobile Group Co.
The company also is nearing a decision to build a battery factory in Germany, planting a flag on the home turf of car giants Volkswagen, BMW and Daimler AG as part of a push into Europe, people familiar with the matter said last week.
This article was provided by Bloomberg News.