China Dwarfs Rivals in Making Electric-Car Batteries

Contemporary Amperex Technology Co. Ltd. (CATL) is positioning itself as a major player in the global electric vehicle (EV) battery market, aiming to surpass Tesla in production capacity. Based in Nindy, China, CATL is transforming the region from a tea-growing area into a battery production hub. The company plans to launch a $2 billion IPO to fund the construction of the world's second-largest battery plant. Already dominant in China, CATL is expanding into Europe and the US, establishing offices and partnerships with automakers to solidify its global presence.

What are the plans of the company mentioned in the text regarding its battery production capacity?

What is the significance of the company's planned IPO?

How does the company plan to position itself in relation to Tesla and other competitors?

What transformation is occurring in the city where the company is based?

What are the company's ambitions in the European market?