Tesla battery supplier CATL seeks $9BN to expand production

As demand for their electric vehicle (EV) batteries sees exponential growth, Contemporary Amperex Technology Co Ltd. (CATL) is seeking to raise as much as $9 billion (¥58.2 billion) to expand their production.

The Chinese battery giant announced the plans Friday, saying it was planning to sell shares of the company to large investors in order to raise the funds.

According to CATL, the money will be used to fund six different projects, including building new factories in Fujian, Zhejiang, and Guangdong provinces in China, reports Reuters.

Part of the proceeds will also be used to advance their battery technologies used for energy storage facilities.

Related: CATL to build new facility near Giga Shanghai

CATL is the world’s largest battery marker, supplying Tesla China with their batteries since 2020. Earlier this year that supply agreement was extended to 2025.

The company has a market share of around 30%. In the first half of 2021, the company sold 34.1-gigawatt hours’ worth of batteries.

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