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China's CATL invests $2bn in plant for new lithium battery

World's largest producer on pace to quintuple total capacity

CATL looks to quintuple battery production capacity to 600 gigawatt-hours by 2025.

GUANGZHOU -- CATL, the world's largest producer of electric vehicle batteries, will spend up to 13.5 billion yuan ($2.09 billion) on a plant in China to produce a new type of lithium battery.

The Chinese manufacturer struck an agreement Monday with the Jiangxi Province city of Yichun to build the plant. The factory is expected to produce automotive batteries, such as those for EVs.

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