China’s CATL, the world’s biggest electric vehicle battery maker, has held talks with overseas sovereign wealth funds and the private offices of the super-rich about raising a $1.5bn fund to build out its global supply chain.
The offshore fund would enable Fujian-based CATL, a supplier to Tesla, Volkswagen and Ford, to finance an ecosystem of companies needed to help it expand production in Europe and other foreign markets, two people with knowledge of the matter said.
China’s overseas direct investment rules make it difficult for CATL to make a large volume of international investments, despite it having Rmb289bn ($40bn) of cash as of March 31, said one person briefed on the fund.
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