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Germany's Mercedes joins with China's CATL in Hungarian battery plant

  • Aug 12, 2022
  • 63 views
Source: 
dpa English

Stuttgart — Mercedes-Benz is to expand production of battery cells with China's CATL, which is building a new production site at Debrecen in Hungary, the German carmaker announced from its Stuttgart headquarters on Friday.

CATL, or Contemporary Amperex Technology, is the largest producer of battery cells for electric vehicles in the world. It is aiming to serve the European market from the Hungarian plant.

As the first partner in the plant, Mercedes-Benz is to be supplied with the largest volume of orders from the new Hungarian plant, the German company said without providing financial details of its own investment.

In an earlier announcement to the stock exchange in Shenzen, CATL announced that it was investing the equivalent of $7.5 billion.

CATL also supplies the leading US electric vehicle maker Tesla, as well as Germany's BMW. It entered into a partnership with Mercedes-Benz in August 2020.

Mercedes-Benz announced more than a year ago that it would become involved in battery manufacture. The company is aiming at eight plants around the world by the end of the decade with a total annual capacity of 200 gigawatt hours (GWh) in battery storage.

The company is also involved in the Automotive Cells Company in which it is a partner with Stellantis and the French energy company TotalEnergies.

©2022 dpa GmbH. Distributed by Tribune Content Agency, LLC.

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