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Geely is spending $4.6 billion on a battery plant as its electric car ambitions grow

New Delhi (CNN Business)Geely will pour nearly $5 billion into building an electric battery plant in China, as the country's top privately-owned carmaker moves more aggressively to bolster its electric vehicle ambitions in the world's largest market.

The company will invest 30 billion yuan ($4.6 billion) into a battery factory in Ganzhou, a city in eastern China, according to a statement released Sunday by the local government. The factory will have a capacity of 42 gigawatt-hours per year, the statement said. That's similar in scale to the factories Germany's Volkswagen (VLKAF) said Monday it would build in Europe.

Geely confirmed in a statement on its WeChat account that it signed the agreement over the weekend. It added that it had already been working with Farasis Energy, a local battery company.

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