CATL, China’s fastest growing lithium battery maker, is planning to raise $2bn from an initial public offering to help fund its expansion as it attempts to become the world’s largest supplier of batteries for electric vehicles.
The offering comes as a handful of mostly East Asian companies angle for top positions in the battery industry, and as China — already the world’s largest EV market — seeks to increase the number of electric vehicles in the country.
In recent months, subsidies for electric cars have helped boost the valuation of Hong Kong-listed BYD, CATL’s main rival for the position of China’s top battery producer by output.
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