Huayou seeks $2.7 billion for Ford-backed Indonesia nickel plant
The fundraising comes as benchmark nickel prices trade near a four-year low amid weaker demand from the stainless steel market.
Contemporary Amperex Technology Co. Ltd., the world’s biggest maker of electric-vehicle batteries, has implemented a so-called closed loop for workers at its main factory in China in a bid to avoid the kind of Covid-19 shutdowns hurting Tesla Inc. and Volkswagen AG.
Workers will be shuttled between their dormitories and the factory in Ningde, where an outbreak of Covid cases has prompted the local government to tighten prevention and control measures, the company, better known as CATL, said in a statement Sunday.
“To ensure market supply to the best of our capabilities, we have adopted strict grid management measures for the orderly operation of the Ningde production base,” the company said.
Automakers including Tesla and Volkswagen have been forced to suspend production at their factories in Shanghai, with the city of 25 million locked down to curb the spread of the highly infectious omicron variant. Chinese EV upstart Nio Inc. said Saturday it has halted production and delayed deliveries because many of its suppliers have had to suspend operations, particularly in Shanghai and Jilin, which is also under lockdown.
CATL said it has “strengthened communication with the local government” to tackle the pandemic. Workers will catch a dedicated shuttle bus between their dormitories and the factory to “prevent the spread of the coronavirus disease to the greatest extent possible.”
The battery maker holds about a 50% market share in China, and has more than 30% of the global market, according to Bloomberg Intelligence.
CATL is a key supplier to Nio, which delivered almost 10,000 vehicles to customers in March.
(By Danny Lee)
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