China's CATL looks to raise $9 billion to expand lithium-ion battery production
- CATL will also use the money to build several battery factories in Fujian, Zhejiang and Guangdong provinces in China.
- CATL is competing with Japan's Panasonic and South Korean LG Chem.
Chinese battery giant CATL said it was planning a private share placement to raise up to 58.2 billion yuan ($8.98 billion) to fund six projects aimed at boosting its production capacity of lithium-ion batteries.
The massive fundraising comes as the Ningdo-based firm - formally Contemporary Amperex Technology Co Ltd - expands battery manufacturing capacity around China and in Germany.
Also Read : China's battery maker CATL invests in EV startup Aiways
It will also be used to build several battery factories in Fujian, Zhejiang and Guangdong provinces in China and to boost capital, CATL said in a statement late on Thursday. In addition, it will use the capital to develop battery technologies for energy storage facilities.
As the global auto industry accelerates transformation towards electrification, CATL is supplying electric vehicle batteries to a swathe of automakers including Tesla Inc, Volkswagen AG and Geely. It is competing with Japan's Panasonic and South Korean LG Chem.
Also Read : Apple in talks with battery manufacturers for its electric vehicles: Sources
Also check these Vehicles
Find more Cars
75 kWh
396 km
999 cc
Petrol
CATL's shares rose more than 5% at one point on Friday after the private placement announcement. It currently has a market capitalisation of over 1.1 trillion yuan ($169.85 billion).