This consists of six projects including nickel mine development, ternary battery manufacturing, and battery recycling, five of which are majority owned by CATL.

These projects have a projected construction period of five years, from 2022 to 2026, on a site of about 29,085 acres (19.39 square kilometers), according to CATL.

This is the latest development in CATL's expansion into international markets, as the company's first overseas plant in Thuringia, Germany, was awarded an 8 GWh battery cell production license on April 4.

The plant, which is also the first battery plant in Germany, is currently in the equipment installation phase, making the final push to get the first cells off the production line by the end of 2022.

CATL's installed global power cell capacity in 2021 was 96.7 GWh, up 167.13 percent from 36.2 GWh in 2020, according to data released in early February by South Korea-based market research firm SNE Research.

This gives CATL a global market share of 32.6 percent, up 8 percentage points from 24.6 percent in 2020, and is the fifth consecutive year it has held the position of the world's largest power battery maker.

The company's power battery installed base in China in March was 10.81 GWh, accounting for a 50.49 percent market share, according to data released by the China Automotive Battery Innovation Alliance on April 11.