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China tech

China's CATL hikes investment with $2bn German battery plant

Initial plans expanded as market for electric vehicles accelerates

CATL looks to tap into Europe's demand for electric vehicles with its planned battery plant in Germany.   © Reuters

GUANGZHOU -- Chinese company CATL, the world's largest maker of car batteries, intends to invest up to 1.8 billion euros ($2.05 billion) in a planned factory in Germany, encouraged by the strong global appetite for electric vehicles and plug-in hybrids.

That figure would be more than seven times the 240 million euros that Contemporary Amperex Technology Ltd. had set aside when it unveiled plans last July to build a factory in the German city of Erfurt.

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