EV battery manufacturer Contemporary Amperex Technology Co. Ltd. (CATL) is growing its global expansion yet again.
The world's largest EV battery producer, which had announced a $233 million factory in Germany back in 2018, has made several moves this year to increase its global footprint. Over the summer, it announced it would be building a $7.2 billion factory in Hungary. Now, plans for a factory in Mexico are also being finalized, according to Caixin.
The report also says that the manufacturer could be looking to expand with plants in the U.S. and Indonesia.
CATL was barely founded a decade ago, in 2011, but caught the tremendous wave of the EV industry in China (and its related subsidies). As the report notes, the company caught the government subsidy tailwind in 2015 and never looked back:
In 2015, CATL was included on a government list of EV-battery makers which carmakers had to source from to be eligible for subsidies. This narrowing of the field of competition helped the company hoover up the business from domestic and international carmakers riding the wave of growth. For example, CATL was chosen to be Volkswagen's sole battery supplier in the country, CEO Matthias Muller told Caixin in early 2018.