China’s CATL says it is now world’s largest EV battery supplier
China’s electric car battery maker CATL says it has become the largest in the world and is now supplying car companies including BMW and Volkswagen. The company, which is about to raise $2bn through a listing in Shenzhen, said it had risen from a top-three supplier to number one with 12GWh of sales last year, according to an IPO prospectus. That puts it ahead of Panasonic, which sold 10GWh last year, it said. Ningde-based CATL also said it is working with Chinese electric-car start-up Nio, whose investors include top tech companies Tencent, JD.com and Baidu...MOREAnd Caixin Global April 4:
Battery Maker CATL Gets Green Light for $2.1 Billion IPO
China’s largest electric-car battery-maker, Contemporary Amperex Technology Co. (CATL), won regulatory approval on Wednesday for its 13.1 billion yuan ($2.1 billion) initial public offering.
The IPO would value the company at $20.8 billion, making CATL the largest company on the ChiNext board in Shenzhen.I think I know where CATL will be sourcing their cobalt next year but where is Tesla/Panasonic going to get theirs? And Samsung, which Tesla used in the big Australian battery?
The approval took five months. That’s a lot faster than the pace of most applicants, and underscores China’s efforts to attract more tech listings to its domestic market.
A person close to CATL told Caixin last month that the company planned to debut in the middle of this year, but the listing may come sooner due to the speedy regulatory review.
The company plans to issue 217 million shares, or no less than 10% of its total shares, to raise 13.1 billion yuan. According to CATL’s prospectus, the company plans to use the funds to build a battery-cell plant second only in size to Tesla Inc.’s Gigafactory in the U.S....MORE
This CATL deal is big in more ways than one.