Battery maker to set up unit in Germany

CATL eyes bigger presence in Europe with $281m investment on new facility

Contemporary Amperex Technology Ltd will invest 240 million euros ($281 million) on a production base in central Germany, as part of the company's efforts to expand its presence in Europe.

The Ningde, Fujian province-based company that makes batteries for electric vehicles said the new factory will be built in two phases and start operations in 2021, with an annual output capacity of 14 gigawatt-hours.