CBAK Energy Begins Operations At Nanjing Lithium Battery Manufacturing Facility

CBAK Energy Technology Inc CBAT commenced operations at its lithium battery manufacturing plant in Nanjing in China's Jiangsu province.
The plant is equipped with an initial annual capacity of 0.7 GWh for the company's new 32140 battery model that targets the light electric vehicle (LEV) and electric vehicle sectors.
Additionally, CBAK Energy is on track to complete the first construction phase for its Nanjing facility by the end of 2022.
CBAK Energy raised the planned capacity for the project's second phase to 18 GWh per year from the original 6 GWh per year to meet growing customer demands. The company plans to begin construction of the second phase by year-end.
CBAK has also started operating a new production line at its Dalian facility to make an annual 0.4 GWh of its new 26700 battery model.
Price Action: CBAT shares are trading higher by 3.92% at $2.12 on the last check Friday.