Shanghai (Gasgoo)- CATL, a China-based vehicle and energy storage battery maker, announced on December 14 that its board of directors has agreed CATL-GAC Power Battery Co.,Ltd (CATL-GAC) to invest around RMB4.226 billion in a power battery base program.
The new base, covering a total area of 400mu (around 266,667 square meters), will be located in Guangzhou. The whole construction period is planned to last around 24 months.
CATL and GAC Group, one of Chinese major automakers, signed a contract on July 19 this year to co-build the joint venture CATL-GAC that focuses on the production and marketing of power battery cells, modules and other related products.
With a registered capital of RMB 1 billion, CATL-GAC has three shareholders, namely, CATL, GAC Group and GAC New Energy Automobile Co.,Ltd (GAC NE), a wholly-owned subsidiary of GAC Group, which hold 51%, 43% and 6% stakes in the joint venture.
Aside from the partnership with GAC Group, the China-based power battery maker joined hands with SAIC Motor last year to form two joint ventures-- CATL-SAIC Motor Power Battery Co.,Ltd and SAIC Motor-CATL Power Battery System Co.,Ltd. The former works on producing battery cells and the latter is responsible for manufacturing power battery packs. Moreover, CATL also sets up power battery joint venture with Dongfeng Motor Corporation.
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