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Caixin: UBS and JPMorgan Fuel Biggest Chinese Battery-Maker’s $2.8 Billion Fundraiser

Caixin: Banking Giants UBS (Switzerland) and JPMorgan (US) are financing a multibillion dollar investment in China’s largest electric vehicle battery manufacturer Contemporary Amperex Technology Co. Ltd. The deal has involved nine private investors provide the firm with $2.1 billion through a private share placement on Friday.

The deal aims to expand production capacity and fund research and development. Buoyed by Telsa and other initiatives to fund renewable energy projects, China continues to be one of the world’s leading and emerging markets for electric vehicles.