On August 12, CATL, a Chinese power battery giant, approved a proposal on investing in the construction of a new energy battery plant in Hungary. The plant will be CATL’s second in Europe, in addition to its German plant, and will produce cells and modules for European automakers.
CATL said that with the rapid development of the new energy industry abroad, especially in Europe, the power battery market is growing. In order to further promote the development of the company’s overseas business and meet the needs of overseas markets, CATL plans to invest in the construction of a new energy battery plant in Debrecen, Hungary, with a total investment of around than €7.34 billion.
The company will build a power battery system production line in Hungary with an annual capacity of 100 GWh, according to the announcement. The total construction period for the project, which has a planned site area of about 2.21 million square meters, will take no more than 64 months, with the construction of the first building to begin this year after approval.
However, CATL stated that this investment needs to be approved or filed by the shareholders’ meeting of the company while also still needing approval from the Chinese and Hungarian governments and their departmental overseers.
On August 11th, the China Automotive Battery Innovation Alliance released their data concerning power batteries for the month of July. The report shows that in July, the loading capacity of power batteries in China was 24.2 GWh, up 114.2% year-on-year. CATL ranks first in power battery loading capacity, with 47.19% of the market share.