SHANGHAI: Chinese battery giant CATL said it was planning a private share placement to raise up to 58.2 billion yuan ($8.98 billion) to fund six projects aimed at boosting its production capacity of lithium-ion batteries.

       The massive fundraising comes as the Ningdo-based firm - formally Contemporary Amperex Technology Co Ltd - expands battery manufacturing capacity around China and in Germany.

       It will also be used to boost capital, CATL said in a statement late on Thursday.

       As global auto industry accelerates transformation towards electrification, CATL is supplying electric vehicle batteries to a swathe of automakers including Tesla Inc, Volkswagen AG and Geely. It is competing with Japan's Panasonic and South Korean LG Chem.

       CATL currently has a market capitalisation of over 1.1 trillion yuan ($169.85 billion). ($1 = 6.4764 Chinese yuan) - Reuters