CNBC: CATL Accelerates Global Expansion, European Market Becomes Key Battlefield
CNBC June 30 report, the world's largest electric vehicle battery manufacturer, CATL, is fully advancing its international expansion. Its Hungarian factory is expected to start production this year, with the European market becoming a strategic focus. CATL completed its largest IPO of the year in Hong Kong in May, raising 41.2 billion HKD (about 5.2 billion USD), with 90% of the funds to be used for European operations, including a 7.6 billion euro investment in the Debrecen factory in Hungary. Bill Russo, founder of consulting company Automobility, said that CATL's layout in Europe aims to consolidate its global leadership, "The Hungarian factory is a strategic gateway to the EU market, close to mainstream automakers and with significant cost advantages." In addition, CATL plans to promote battery swapping technology in Europe. Analysts believe that its market position makes it "the most likely to drive the development of the battery swapping industry in Europe." Faced with fierce price wars and overcapacity in the Chinese market, CATL is accelerating its overseas expansion. The German factory has already started production, and the joint venture project with Stellantis in Spain and the Indonesia electric vehicle battery project are also under way. Industry institution Sino Auto Insights pointed out that CATL has covered almost all Chinese EV manufacturers, and overseas expansion has become an inevitable choice.
Original article: https://www.toutiao.com/article/1836301690308620/
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