🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Mercedes Benz becomes first partner of CATL's new Hungary battery plant

Published 08/12/2022, 05:53 AM
Updated 08/12/2022, 06:13 AM
© Reuters. FILE PHOTO: The Mercedes-Benz logo is seen at the 43rd Bangkok International Motor Show, in Bangkok, Thailand, March 22, 2022. REUTERS/Athit Perawongmetha

BERLIN (Reuters) -Mercedes-Benz is the first carmaker to receive cells from a new 7.34 billion euro ($7.56 billion) battery factory China's CATL plans to build in Hungary, it said on Friday, adding this marked the highest initial order volume for the site.

Mercedes-Benz said the agreement marked the next milestone towards its goal of reaching battery production capacity of more than 200 gigawatt hours (GWh) at eight global production sites by the end of the decade.

The plant, announced by China's Contemporary Amperex Technology Co., Limited (CATL) earlier on Friday, would provide battery cells for the next generation Mercedes-Benz models.

© Reuters. FILE PHOTO: The Mercedes-Benz logo is seen at the 43rd Bangkok International Motor Show, in Bangkok, Thailand, March 22, 2022. REUTERS/Athit Perawongmetha

"With CATL we have a technology-leader as our partner to provide us – as the first and biggest customer of the new plant's initial capacity – with top-notch CO2 neutral battery cells for our next generation EVs in Europe," Mercedes-Benz management board member Markus Schaefer said.

($1 = 0.9706 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.