As Mercedes-Benz takes big steps into the electric vehicle market, it looks to CATL as a battery partner. Well, both parties have been in a partnership concerning the supply of EV batteries for quite a while. But now, that partnership is taking an entirely different turn.
Since the year 2020 CATL has been the leading supplier of EV batteries to Mercedes-Benz. Taking things to a whole new level will bring the car manufacturing company into the business of manufacturing its batteries. Both parties in this agreement will work together to build Europe’s largest Battery manufacturing plant.
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This plant will stand in Hungary and the total investment amounts to 7.3 billion Euros. CATL will start building this factory before the end of this year. The entire project is to be completed in the space of three years, meaning that this is a long-term partnership.
Batteries that will come from this plant will power Mercedes-Benz electric vehicles and other vehicles under the company’s umbrella. This plant will give Mercedes-Benz the ground to compete with other big players in the EV industry. Also, the battery plant that will result from this partnership will help CATL expand globally hence improving its business.
