AsianFin -- Chinese battery manufacturer CATL (300750.SZ) is set to start production at its new plant in Hungary by early next year, the company’s European general manager said Sunday, as it targets growth in the region.

The company has invested €7.3 billion ($8.55 billion) in the facility, located in the eastern city of Debrecen, aiming to expand battery production for European automakers including BMW (BMWG.DE), Stellantis (STLAM.MI), and Volkswagen (VOWG.DE).