Stock Market News

China’s CATL to build battery plant in Hungary for carmakers including Mercedes

2022.08.12 13:42

China's CATL to build battery plant in Hungary for carmakers including Mercedes
FILE PHOTO: People walk past the R&D centre of Contemporary Amperex Technology Ltd (CATL) in Ningde, Fujian province, China, December 16, 2016. Picture taken December 16, 2016. REUTERS/Jake Spring/File Photo

SHANGHAI (Reuters) -Chinese battery maker CATL said on Friday it planned to invest 7.34 billion euros ($7.56 billion) in a giant new plant in Hungary that will supply major European automakers.

CATL said the move was aimed at meeting the needs of overseas markets and construction of the 100 GWh (gigawatt hours) plant in eastern Hungary’s Debrecen city would start this year, after receiving approvals, and should last no more than 64 months.

The plant, which will be CATL’s second in Europe, will produce battery cells and modules for European automakers including Mercedes-Benz, BMW, Stellantis and Volkswagen (ETR:VOWG_p), the company said in a separate statement.

The expansion comes as European automakers are accelerating a transition to electric vehicles in their home markets, prompting surging demand for batteries from local suppliers.

Mercedes said in a separate statement it would be the first partner to be supplied with battery cells from CATL’s Hungarian plant, with the largest initial order volume.

($1 = 0.9708 euros)

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 75,921.34 0.76%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,906.89 1.60%
tether
Tether (USDT) $ 1.00 0.06%
solana
Solana (SOL) $ 197.22 3.51%
bnb
BNB (BNB) $ 595.90 2.21%
usd-coin
USDC (USDC) $ 1.00 0.02%
xrp
XRP (XRP) $ 0.55025 3.21%
staked-ether
Lido Staked Ether (STETH) $ 2,905.88 1.09%
dogecoin
Dogecoin (DOGE) $ 0.192937 1.81%
cardano
Cardano (ADA) $ 0.418941 11.41%
tron
TRON (TRX) $ 0.16042 1.56%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,444.09 1.97%
the-open-network
Toncoin (TON) $ 4.88 1.48%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 1.81%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 75,808.31 0.38%
avalanche-2
Avalanche (AVAX) $ 27.31 2.17%
weth
WETH (WETH) $ 2,906.57 1.81%
chainlink
Chainlink (LINK) $ 12.58 0.16%
bitcoin-cash
Bitcoin Cash (BCH) $ 376.83 1.78%
sui
Sui (SUI) $ 2.29 1.05%
polkadot
Polkadot (DOT) $ 4.15 0.73%
leo-token
LEO Token (LEO) $ 6.40 3.43%
usds
USDS (USDS) $ 1.00 0.01%
litecoin
Litecoin (LTC) $ 71.15 0.70%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,056.57 1.63%
uniswap
Uniswap (UNI) $ 8.88 5.15%
near
NEAR Protocol (NEAR) $ 4.19 2.86%
aptos
Aptos (APT) $ 9.54 2.11%
pepe
Pepe (PEPE) $ 0.000011 1.29%
bittensor
Bittensor (TAO) $ 502.18 7.85%
internet-computer
Internet Computer (ICP) $ 7.69 3.84%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.39 3.55%
dai
Dai (DAI) $ 1.00 0.06%
stellar
Stellar (XLM) $ 0.101519 1.85%
monero
Monero (XMR) $ 164.08 0.98%
ethereum-classic
Ethereum Classic (ETC) $ 20.04 2.10%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.04%
kaspa
Kaspa (KAS) $ 0.113566 7.18%
whitebit
WhiteBIT Coin (WBT) $ 19.68 2.04%
aave
Aave (AAVE) $ 179.84 3.46%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.341079 1.77%
blockstack
Stacks (STX) $ 1.66 3.36%
crypto-com-chain
Cronos (CRO) $ 0.090092 4.74%
okb
OKB (OKB) $ 40.07 0.02%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.01%
dogwifcoin
dogwifhat (WIF) $ 2.34 3.77%
arbitrum
Arbitrum (ARB) $ 0.574957 1.61%
filecoin
Filecoin (FIL) $ 3.71 2.58%
mantle
Mantle (MNT) $ 0.650674 5.05%