Battery Giant CATL Flags $9 Billion Share Placement Plan
This article is for subscribers only.
Contemporary Amperex Technology Co. Ltd.’s board approved a plan to sell up to 58.2 billion yuan ($8.9 billion) of shares to expand the battery manufacturing giant’s production capacity amid intensifying competition in the clean energy space.
Ningde, Fujian-based CATL, which is the world’s biggest electric vehicle battery maker, will sell the China-listed shares to 35 investors at most, according to an exchange filing late Thursday. Proceeds will be used specifically for lithium-ion battery projects, new-energy research and to replenish liquidity. Shares in CATL rose as much as 5.6% Friday.