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Contemporary Amperex Technology Ltd. (CATL), a Chinese battery maker, says it wants to raise 20 billion yuan or $2.85 billion to fund battery projects and increase working capital.
CATL plans to raise funds to expand its battery manufacturing infrastructure in Jiangsu, Sichuan, and Fujian, according to a filing it made to the Shenzhen Stock Exchange on Wednesday.
In another filing on the same day, the company said it plans to invest 10 billion yuan in Ningde in Fujian province to make batteries.
CATL has already signed a 2-year contract with Tesla Inc. (NASDAQ:TSLA) to manufacture batteries for its electric vehicles.
The company has partnerships with other major auto manufacturers such as Daimler AG (OTC:DDAIF), Bayerische Motoren Werke AG (OTC:BAMXF), and Volkswagen Group (OTC:VLKAF).
A 50% drop in electric vehicle sales is expected in China in February due to the ongoing Covid-19 epidemic.
CATL shares traded 2.21% lower at $21.31 at press time in Shenzhen on Thursday.
