BEIJING, Oct 12 (Reuters) – Contemporary Amperex Technology Co Ltd (300750.SZ) plans to build a battery material recycling facility in the central Chinese province of Hubei with an investment of up to 32 billion yuan ($4.96 billion), the electric-vehicle battery maker said on Tuesday.
The company’s announcement comes at a time when global demand for electric vehicles has surged, which makes securing battery materials a key task for the industry.
China, the world’s biggest car market, has also set standards and policies to promote battery recycling and save materials.
A CATL unit will form a joint venture with Hubei Yihua Chemical Industry Co Ltd (000422.SZ) to recycle used EV batteries for chemicals such as cobalt and lithium, the company said in a filing.
The leading EV battery maker in China, CATL’s list of customers include a swathe of automakers such as Tesla Inc (TSLA.O) and Volkswagen AG (VOWG_p.DE).
($1 = 6.4526 Chinese yuan)
Source : Reuters