Contemporary Amperex Technology Co. Limited (CATL) plans to invest 30 billion yuan to develop global mineral resources, aiming to secure the supply of battery raw materials.

Foreign media: Contemporary Amperex Technology Co. Limited (CATL) plans to invest 30 billion RMB (4.4 billion USD) to establish a mining subsidiary, integrating existing mineral resources and developing high-quality mining projects both domestically and overseas, in order to secure raw material supply for electric vehicle batteries and energy storage systems.

Driven by the Middle East crisis, oil prices have surged over 30% to around $100 per barrel, prompting consumers to accelerate their shift from internal combustion engine vehicles to electric vehicles, while global renewable energy projects have seen a sharp increase. As a result, CATL's net profit reached 20.74 billion RMB in the first quarter, representing a 48.5% month-on-month increase and exceeding market expectations. This upstream expansion aims to support its potential high growth.

Original source: toutiao.com/article/1862555386180611/

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