Contemporary Amperex Technology, China's largest battery cell supplier, is increasing investment at its German battery plant to 1.8 billion euros (14.1 billion yuan) from a previous plan of 240 million euros to expand output.

The significant hike in investment outlays is in response to favorable market conditions overseas and the need to accelerate a global expansion as more automakers boost electric-vehicle output, CATL said Wednesday.

The plant, to be built in Erfurt, covers a ground area of 70 hectares (173 acres). Construction on the factory's first phase project will be completed in less than 60 days, CATL said.

CATL did not release additional details about the German plant.

In July 2018, the Chinese company signed an agreement with the Thuringia government to construct the battery factory.

Under the previous plan, the factory was expected to start production in 2021 with initial annual production of 14 gigawatt-hours of lithium ion battery cells. It would supply the cells to BMW Group and other European automakers.

CATL, based in Ningde of east China's Fujian province and listed on the Shenzhen stock exchange, supplies batteries to a wide range of domestic and global automakers in China.

The company's annual battery cell production capacity reached 23.4 GWh at the end of 2018, accounting for 41 percent of the national total, according to the China Automotive Technology and Research Center.