Battery Maker Helping Power China Electric Car Boom Plans IPO
- CATL forecasts $15 billion in sales by 2020 on China’s EV boom
- Battery maker behind BYD plans first overseas plant in Europe
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Contemporary Amperex Technology Co., China’s second-biggest maker of batteries for electric vehicles, is planning an initial public offering to fund an expansion as the government pushes to boost the sale of plug-in cars.
The company plans to list on China’s over-the-counter stock market as soon as possible, CATL Marketing Director Neill Yang said in an interview. The maker of lithium-ion batteries will use the funds raised to build new factories, with Yang forecasting as much as a 10-fold increase in sales to 100 billion yuan ($15 billion) by 2020.