Chinese car battery manufacturer Contemporary Amperex Technology Co., Limited. recently announced to increase its planned investment in its new factory in Germany.
According to CATL's plan published a year ago, the company will invest EUR240 million in this new factory; and now the investment will be increased to up to EUR1.8 billion.
In July 2018, CATL announced plans to build its first overseas factory in Germany's Thuringia and the factory will supply to European enterprises like Volkswagen, Daimler, and PSA Group. The new factory is expected to start production of Lithium-ion batteries for pure electric vehicles from 2021.
Commenting on the investment increase, CATL said that considering the strong demands of overseas markets, the company will further accelerate its global strategy.