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Capital Markets

China clears EV battery leader for $2bn stock market debut

Fast-growing CATL looks to challenge Tesla partner Panasonic in global race

An electric vehicle gets recharged at a station in Liuzhou, China.   © Reuters

SHANGHAI -- Chinese authorities on Wednesday approved CATL's stock market listing, enabling the lithium-ion battery maker to finance a new factory that will expand its already vast capacity.

CATL, which faces competition in the global market from Tesla partner Panasonic, will raise 13.1 billion yuan ($2.07 billion) through its initial public offering in Shenzhen, of which 8.9 billion yuan will go to build a 24 gigawatt-hour production complex.

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