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CATL to raise 19.7 billion yuan for battery capacity expansion projects

Monika From Gasgoo| May 28 , 2020 20:30 BJT

Shanghai (Gasgoo)- CATL, the global leading EV battery manufacturer, lowered the maximum amount of the capital it intends to raise from a non-public issuance of stocks to 19.7 billion yuan ($2,760,147,300) from 20 billion yuan ($2,802,180,000), the company announced on May 27.

On Feb. 26, the Ningde-based power supplier said it sought to raise up to 20 billion yuan by making a non-public issuance of securities towards no more than 35 specific investors. After deducting the issuance expenditure, the money collected would be used to expand CATL's Huxi lithium ion battery base, develop the lithium ion battery R&D and production project operated by Jiangsu CATL, construct the power battery facilities for Sichuan CATL, and supplement working capital, etc.

The adjusted schedule show that the money decreased will only affect the supplement of working capital, while the capital reserved for the other projects still remain unchanged.

CATL battery capacity, CATL battery capacity expansion, China automotive news

(Photo source: CATL)

In another file CATL issued on the same day, CATL said, under a continuous effort, its annual lithium ion battery capacity reached 17.09GWh in 2017, and grew to 27.72 GWh in 2018 and to 53GWh in 2019. During the past three years, its battery capacity utilization rate stood at 75.54%, 93.87% and 89.17% respectively. The projects to be funded are scheduled to newly add 52GWh battery capacity for CATL on an annual basis, which means the yearly total will be doubled after two or three years. 

The company said it will continue to improve the product quality and cut manufacturing costs, in a bid to enhance its products' market competitiveness. To spur sales, it will keep expanding marketing networks and perfecting the supporting system of technical services.

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