CATL Invests $1.87B to Expand Production of New Energy Batteries in Xiamen

China’s leading battery firm, Contemporary Amperex Technology Co., Ltd. (CATL), stated on September 6 that its subsidiary Xiamen Times’ new energy battery base (phase I) has officially started in Xiamen, Fujian Province, with a total investment of no more than 13 billion yuan ($1.87 billion), mainly intended for building power batteries and energy storage battery production lines.

In September of last year, Xiamen’s government signed a strategic cooperation agreement with CATL. The new project followed the commencement of Xiamen Times’ new lithium ion battery base in December last year, which will promote the cluster development of the new energy power battery industry in the city.

Xiamen is one of the most important cities for CATL, as it is close to the city of Ningde where the firm’s headquarters is located. Its battery swapping brand EVOGO was officially launched on April 18, and Xiamen was the first city to adopt this service. CATL has also established a material research institute in Xiamen.

SEE ALSO: CATL Launches First EVOGO Battery Swap Services in Xiamen

CATL already has 10 bases in China, while in overseas markets, its German factory has obtained production licenses. Module wires have been put into production in the factory, and battery cell wires will be put into production at the end of the year. This year, CATL set up plans for its second European factory in Hungary, with a total production capacity of 100GWh, which will start construction this year.