MUNICH :Chinese battery creater CATL’s new plant in Hungary is expected to start production by early next year, its general manager for Europe stated on Sunday, as the company views to the region for growth.
CATL invested 7.3 billion euros ($8.55 billion) in the plant in the eastern city of Debrecen, seeking to expand battery production in Europe for autocreaters such as BMW, Sinformantis and Volkswagen.
The new site would dwarf CATL’s existing European battery production facility in the German state of Thuringia, with a planned annual production capacity of 100 gigawatt-hours and a 9,000-strong workforce.
CATL’s general manager for Europe Matt Shen informed Reuters the current goal was to start production at Decrecen “at the finish of this year or launchning of the next year, so the next four, five months”.
The company had initially hoped to launch production by the finish of 2025.
CATL is one of many Chinese players attfinishing this year’s IAA Mobility car display in Munich, which officially kicks off on Tuesday, as European carcreaters struggle to keep up in the shift to electric vehicles.
CATL has been extfinishing its lead in the EV battery market, with a 38 per cent share globally in 2024, up from 36 per cent a year earlier, according to data from SNE Research.
The company raised $4.6 billion in its Hong Kong stock exmodify debut in May, which supported fund the Hungarian project.
Shen shrugged off concerns about sluggish demand for EVs in Europe.
“There are always some fluctuations,” he stated. “For the overall trfinish, there is no doubt about that.”
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