SHANGHAI (Reuters) – Chinese battery giant Contemporary Amperex Technology Co Ltd (CATL) said on Friday that it plans to invest in a new battery plant in Hungary that will cost up to 7.34 billion euros ($7.56 billion).
CATL said the move was aimed at meeting the needs of overseas markets and that construction of the 100 GWh plant, which will be located in eastern Hungary’s Debrecen city, will start this year after receiving approvals and should last no more than 64 months.
($1 = 0.9708 euros)
(Reporting by Brenda Goh; editing by Jason Neely)
