Once built, it is set to be Europe's largest battery cell plant. Contemporary Amperex Technology Ltd (CATL), China's biggest electric vehicle battery maker, announced it would build a 7.34-billion-euro (50.79 billion yuan) battery plant in Hungary.
CATL will build a 7.3 billion euro ($7.6 billion) battery plant in Hungary, Europe's largest, as the world's biggest electric vehicle battery maker gears up to meet growing demand from global automakers. CATL said that construction of the 100 GWh (gigawatt hours) plant in the eastern Hungarian city of Debrecen, its most significant overseas investment, would start this year after receiving approvals and should last no more than 64 months.
The investment is also crucial for Hungary, becoming a significant hub for electric vehicles and batteries in Europe.
Debrecen is home to a plant built by BMW, while Volkswagen's Audi brand has a factory in western Hungary's Gyor, and Mercedes-Benz operates one in Kecskemet, in the central part of the country.
Great share and positive news. Thanks Stephan.