EV battery maker CATL plans $5-billion China recycling facility
The Hindu
CATL unit will form a joint venture with Hubei Yihua Chemical Industry Co Ltd to recycle used EV batteries for chemicals such as cobalt and lithium, the company said in a filing.
Contemporary Amperex Technology Co Ltd 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.
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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.
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