On February 25th, CATL announced that its holding subsidiary, CATL-SAIC Power Battery Co., Ltd. plans to invest in the construction of a CATL-SAIC power battery production line expansion project with an investment amount of no more than 10.5 billion yuan.
The project is located in Liyang, Jiangsu Province and will be constructed in two phases. The first phase of the project will not exceed 15 months from the start of construction, and the second phase is planned to be launched within one year after the completion of the first phase.
Established in 2017, CATL-SAIC is a joint venture between CATL and SAIC Group, with CATL owning 51% and SAIC Group owning 49%.
According to CATL, the investment is based on the company’s strategic development plan, in order to further promote the company’s production capacity layout, meet customer demand, promote business development, and consolidate market position. Previously on February 2nd, CATL announced plans to build and expand projects in Yibin City, Sichuan Province, Zhaoqing City, Guangdong Province and Ningde City, Fujian Province, with a total investment of no more than 29 billion yuan.
Image source: Detroit Free Press
Reference: CATL
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