CATL's Giant Lithium Mine Set to Restart, Easing EV Battery Costs
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The world's largest electric vehicle (EV) battery maker is preparing to restart a major lithium mine in China. This move could help lower the cost of a key raw material for the global EV industry.
Contemporary Amperex Technology Ltd (CATL) will bring its Yichun mine back online soon. The mine is in Jiangxi province in eastern China.
According to a report by Shanghai financial outlet Jiemian News, regulators are expected to approve the restart shortly. This would happen just before or after the Lunar New Year holiday, which starts on February 15.
The mine's production had stopped due to a lapsed license. Lithium is a critical metal used in all EV batteries. More supply from a major producer like CATL could ease pressure on prices for automakers.
CATL declined to comment on the report.