The world’s biggest electric vehicle battery maker, CATL, will invest up to $3.7 billion to quadruple its production capacity for lithium-ion batteries used in cars and storage systems. In today’s report from Japan’s Nikkei, the financial publication tied CATL’s announcement with its plans to supply batteries to Tesla.
China’s CATL shipped the equivalent of 32.5 gigawatt-hours of automotive lithium-ion batteries in 2019. The company is the industry leader with a global share of 28%, according to South Korea’s SNE Research. It supplies batteries to Daimler, Honda, Toyota, Volvo, and Volkswagen.
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