Chinese battery giant launches 2.8b-yuan project in Shanghai

SHANGHAI  -- Contemporary Amperex Technology Co Ltd, China's leading automotive lithium-ion battery maker, began construction for two new projects in the China (Shanghai) Pilot Free Trade Zone on Saturday, the company has said.

With a total investment of 2.8 billion yuan ($443 million), the projects will be based in the zone's Lin-gang Special Area.

Projects related to batteries and smart technology will include workshops, raw material and finished goods warehouses, and a research and development office building, with a total floor area of about 350,000 square meters.

CATL aims to build green, efficient and smart factories in Lin-gang and upgrade key technologies in the industry, said senior CATL executive Qu Tao.

In 2021, CATL's installed power battery capacity reached 97 gigawatt-hours, surging 168 percent year-on-year, with its global market share reaching 33 percent, according to statistics from market research firm SNE Research.

The projects will be completed and put into operation within one year, said Lin-gang Special Area official Wu Xiaohua.