Chinese EV Battery Giant, CATL Invests HK$ 1 Billion to Set Up HQ in Hongkong_Trucks News

Chinese EV Battery Giant, CATL Invests HK$ 1 Billion to Set Up HQ in Hongkong
January 04,2024

CATL, or Contemporary Amperex Technology Co. Limited, is setting up its international headquarters in the Hong Kong Science Park and establishing a research and development center in the city for patent research.

According to Hong Kong's Financial Secretary Paul M.P. Chan, CATL will invest more than HK$1 billion (USD $128 million) in the headquarter and recruit more than 500 staff at the R&D center.

Zeng Yuchun, the firm's founder, said: “the center will develop patents that can be used worldwide and authorized them to companies such as Ford, i.e. our current partners. I am still full of confidence in Hong Kong's development despite the changes in the world in recent years. We'll expand our headquarters and our research and development center in Hong Kong using the free flow of information, manpower, capital and goods here.”

CATL provide batteries for Tesla, BMW, Volkswagen and other major brands, with the largest market share of electric vehicle batteries( In 2023 it held 37% global share) in the world.

CATL reported record revenues of RMB￥ 105 billion ($14.7 billion) and new profits of RMB ￥10 billion in the third quarter.

CATL is headquartered in Ningde city, Fujian province, with R&D facilities in Shanghai and Xiamen.