CATL invests $2b in European battery plant

Battery giant Contemporary Amperex Technology Ltd will invest up to 1.8 billion euros ($2.05 billion) in expanding its European production and research base.

The investment will be used to construct a lithium-ion battery production base and a center for product research, development and testing, CATL said in a statement on Tuesday.

The investment in the project, located in Thuringia, Germany, would amount to a maximum of 1.8 billion euros, up from the previous plan of 240 million euros last year, according to the statement.