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Chinese EV Battery Giant

Author: Source: Datetime: 2018-03-05 12:52:58
The Chinese supplier of electric-vehicle batteries that's planning a local factory with enough capacity to surpass the output of Tesla Inc. has set its sights further: Europe.

Contemporary Amperex Technology Ltd. is close to picking one of three sites in the European Union for its first overseas plant, Chairman Zeng Yuqun said in an interview. The company is exploring Germany, Hungary and Poland for the plant, according to a person familiar with the plan who asked not to be identified as the information is not public.
Chinese EV Battery Giant
"We see a big opportunity in Europe," Zeng said on the sidelines of the National Committee of the Chinese People's Political Consultative Conference in Beijing. "Korean companies, using a low-price strategy to compete with us, have not made much technological progress in the past two years, while we have managed to grow fast and surpass them. "

The expansion in Europe comes on top of a plan to build a factory in the company's home base of Ningde, Fujian, that would quintuple its production capability and make it the world's largest EV battery cell maker. A pending $ 2 billion initial public offering would help finance the construction of the plant in China. The European facility would supply major carmakers in the region, including BMW AG, Zeng said on Monday.
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