The Financial Times reported that Contemporary Amperex Technology Ltd (CATL), is poised to become a “national champion” as part of China’s efforts to exploit the growing market for electric cars. The company hopes to surpass the Tesla Motors and Panasonic joint venture in Nevada by 2020 to become the world’s largest battery maker. With Beijing investing billions of renminbi in subsidies for electric car makers, who are required to choose from approved battery producers, CATL may yet succeed in their ambitious goal.
Contemporary Amperex Technology Ltd (CATL) R&D Center. Photo: Reuters, Jake Spring
Chinese battery maker looks to benefit from electric car race
Chinese battery maker CATL is poised to become a “national champion,” hoping to overtake the Telsa and Panasonic joint venture as the world’s largest producer by 2020.