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China's CATL revs up EV battery production following Tesla deal

Company to spend up to $3.7bn to quadruple output capacity

Tesla will start receiving batteries from CATL.   © Reuters

GUANGZHOU -- China's biggest electric vehicle battery maker, CATL, will invest up to 26 billion yuan ($3.7 billion) to quadruple its production capacity for lithium-ion batteries used in cars and storage systems.

Annual production capacity at a plant in Ningde, Fujian Province, where the company is headquartered, will be increased by 16 gigawatt-hours, the battery maker said Wednesday.

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