Media365
The release of two electric vehicle (EV) battery packs targeted specifically at the European market has brightened the earnings outlook for Contemporary Amperex Technology (CATL) whose market share jumped in China last month.
Fujian-based CATL, the world’s largest EV battery producer, delivered 26.45 gigawatt-hours (GWh) of batteries in August, up 26 per cent from the previous year.
Its share of the domestic market hit 42.4 per cent for the month, up from 41.4 per cent in July, according to the China Automotive Battery Innovation Alliance (CABIA).
BYD, the world’s largest EV assembler and also a battery manufacturer, was a distant second, holding a 20.9 per cent share of the mainland market.
One GWh of battery power can charge about 20,000 electric cars with a driving range of 500 kilometres each.
“CATL is powering ahead, banking on its production and technological advantages,” said Davis Zhang, a senior executive at Suzhou Hazardtex, a supplier of specialised batteries. “With its stable growth at home, investors are now expecting the company to accelerate expansion abroad.”
