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Bloomberg
China’s top maker of electric-vehicle batteries plans to spend $1.4 billion building its first factory in the southwest of the country, adding to ambitious plans for next decade even as the short-term EV outlook get buffeted by subsidy cuts and demand uncertainties.
Contemporary Amperex Technology Co will build the facility in Sichuan province, an outpost of China’s car industry, it said. The first phase will be ready within 26 months from the start of construction, and the second phase two years after that, it said.
“Sichuan is an important base of the auto industry in the west, with a broad consumer market, a strong industrial base, and strong technological innovation,†the company said in the statement.