EXCLUSIVE Tesla supplier CATL plans a major battery plant in Shanghai -sources
China’s CATL (300750.SZ) is planning a major new automotive battery plant in Shanghai, continuing a blistering pace of expansion that will cement its lead as the world’s No.1 supplier, two people with knowledge of the matter said.
Locating the factory in Shanghai will put it close to Tesla Inc’s (TSLA.O) Chinese production base after it began supplying batteries for the U.S. automaker’s Model 3 cars in China last year.
CATL hopes to rapidly expand that relationship, aiming to become its biggest supplier in the near future by providing half of the battery cells Tesla uses globally in electric vehicles and roof energy storage, said a senior source at the Chinese company.
The new plant would be able to make 80 gigawatt-hours of…