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China's CATL making two giant battery factories with billion dollar funding

•, brian wang

China is already the world's largest car market. They currently sell only a small fraction of vehicles and components globally. "China sees EVs as the way to assert their global dominance in automotive," says Venkat Viswanathan, an assistant professor of mechanical engineering at Carnegie Mellon, whose work focuses on batteries.

CATL shares rose by the maximum allowed in each of the first three days of trading, giving the Ningde-based company a value of more than $13 billion by the end of trading on June 13.

CATL plans to build two new plants and expand existing facilities, pushing its capacity to nearly 90 gigawatt-hours by 2020. This is up from 17 gigawatt-hours of lithium-ion cells annually today.

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