All articles tagged with #battery industry
CATL's shares surged to record highs following China's announcement of a plan to install over 180 million kW of new energy storage capacity by 2027, backed by a $35 billion investment, boosting investor optimism and expanding CATL's market share in the EV battery sector.
Contemporary Amperex Technology Co. Ltd. (CATL) experienced a 46% surge in its Hong Kong-listed shares, now trading at a record 30% premium over its mainland China counterpart, driven by strong global investor interest, low liquidity, and a short squeeze, though analysts warn of a potential pullback.
The European Union's ambitions in the battery sector have suffered a significant setback as Northvolt, a leading battery manufacturer, faces turmoil. The company's CEO has resigned, and it has filed for bankruptcy, casting doubt on the EU's ability to compete in the global battery market. This development highlights the challenges facing European industries amid global competition and economic pressures.
Chinese companies are investing in South Korea's battery industry to gain access to the US market and bypass the Biden administration's efforts to limit China's involvement in the electric car supply chain. These investments, totaling $4 billion, are aimed at taking advantage of South Korea's free-trade agreement with the US, which would allow batteries made in South Korea and installed in US-made electric cars to qualify for tax breaks under President Biden's Inflation Reduction Act. Chinese firms currently dominate the global battery supply chain, and their deep entrenchment poses a challenge for the US government's goal of reducing dependence on Chinese companies. However, Korean companies believe that maintaining partnerships with China is crucial for the production of electric vehicles.