CATL Denies Rumors It Is Preparing to Release New Power Battery Technology

Sources within global battery giant Contemporary Amperex Technology Co., Limited. (CATL) revealed that the company will prepare to release new power battery technology in the near future, Shanghai Securities News reported on Wednesday. The report said the company’s relevant release materials are being prepared, and the specific time has not been determined. Later in the afternoon, the company denied the news in a statement to Sina Finance, requesting that false reports are not passed on.

At the same time, the stock of CATL opened lower and further decreased on Wednesday, dropping more than 7% in intraday trading, with turnover exceeding 7 billion yuan ($1.1 billion). The stock price hit a new low in this round of adjustment, and the company’s market value fell below one trillion yuan. As for its sharp drop in stock prices, industry experts said that the rising price of raw materials such as lithium carbonate have continuously transmitted pressure to downstream companies.

With the rising price of upstream raw materials, CATL is also accelerating its pace with the corresponding investments. In October 2021, the Yichun Times New Lithium Ion Battery Manufacturing Base Project, which received investment and was built by the company, was officially launched in Yichun, Jiangxi Province. The first phase investment was as high as 13.5 billion yuan and it will be used to build a 50GWh new lithium battery manufacturing base.

CATL announced on April 15 that Puqin Times, a subsidiary of Guangdong Bangpu under CATL, signed a tripartite agreement with PT AnekaTambang (ANTAM) and PT Industrii Baterai Indonesia (IBI) in Indonesia to jointly build a power battery industry chain project including nickel mining and smelting, battery materials, battery manufacturing and battery recycling. According to the agreement, the total investment amount of the project shall not exceed $5.968 billion.

SEE ALSO: CATL Launches Kirin Battery, 13% More Power Than 4680 Battery

In terms of new technologies, CATL is not slowing down its pace. In January, 2022, the company’s wholly-owned subsidiary released a brand of power battery-swapping services – EVOGO – and the overall solution of modular power swapping services. The solution consists of three major products, including power battery blocks, stations and an app. On April 19, EVOGO’s power swapping services were officially launched in the southeastern Chinese city of Xiamen, which became the first site to support CATL’s power swapping service.

According to a 2021 annual performance report disclosed by CATL on January 28 of this year, it is estimated that the net profit attributable to shareholders of listed companies in 2021 will be 14 billion to 16.5 billion yuan, up 150.75%-195.52% year-on-year.