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Chinese battery maker CATL plans to expand to North America

Chinese battery maker Contemporary Amperex Technology Co. Ltd., or CATL, is looking to expand to North America, Reuters reported Sept. 10, citing Matthias Zentgraf, CATL's regional president for Europe.

Zentgraf reportedly told the news wire at the Frankfurt auto show that North America is still behind China and Europe in electric mobility, but said that they hope "[the market] will ignite at a certain point in time."

Meanwhile, CATL has reportedly allotted €1.8 billion for the construction of a battery cell plant in Germany, which is expected to begin in the fourth quarter. The company is also planning for more production sites in the European Union to meet the high demand for electric vehicle batteries.

The company has previously entered into supply deals with German carmakers Bayerische Motoren Werke AG and Volkswagen AG. According to Reuters, it is in talks with other European auto manufacturers to secure more contracts.

CATL did not immediately respond to S&P Global Market Intelligence's request for comment.