Contemporary Amperex Technology Ltd (CATL) said it was in talks with global financial institutions to raise funds for global expansion.
CATL, headquartered in China's Ningde in Fujian province, said it planned to raise funds in line with its global strategy to support the global automotive sector’s transition to green technology. Reports suggested the company aimed to raise US$1.5bn from several sovereign wealth funds, energy companies and private funds to help drive its global expansion.
CATL said: ”The purpose of the fund is to facilitate global energy transition, with the support of like-minded partners from all over the world. The fund aims to raise capital mainly overseas, and has been in discussions with a number of potential investors."
CATL is the world’s largest EV battery manufacturer with an estimated market share of 35%, supplying BMW, Ford, Daimler, Tesla and Volkswagen and local manufacturing groups including BAIC, Geely, GAC Group and SAIC Motor and Foton.
Chinese vehicle manufacturers are stepping up investment in overseas production facilities after the EU and the US hiked duties on imports of Chinese made battery electric vehicles (BEVs) in the second quarter of 2024, to up to 48% and 100% respectively.
In addition to around a dozen plans in China, CATL has battery cell production plants in Germany and Hungary and plans to have manufacturing facilities up and running in Mexico, Thailand and Indonesia in the next two years.
