EV (electric vehicle) Li-Ion battery. Photo: iStock

Chinese lithium-ion battery manufacturer Contemporary Amperex Technology Co. Ltd. is accelerating overseas deployment as it plans to invest 240 million euros (US$281.92 million) to build factories in Germany, The Paper reported.

According to the agreement, a battery production base and intelligent manufacturing technology research and development center are expected to be built in Erfurt, Thuringia.

The production base will mainly develop and produce lithium-ion batteries. Set to be put into operation in 2021 and provide 600 jobs for the local area, its capacity is expected to reach 14Gwh in 2020.

CATL batteries will be supplied to BMW, Volkswagen, Daimler, Jaguar Land Rover, PSA and other car companies.