4 min read.Updated: 10 Jan 2022, 10:32 PM ISTAnjani Trivedi, Bloomberg
CATL’s market dominance flies in the face of Beijing’s new policy
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The world’s largest electric-vehicle (EV) battery maker is getting bigger. Whether it can maintain its global reign will come down to Beijing’s tolerance of a private monopoly in a key industrial sector. China’s Contemporary Amperex Technology (CATL) announced late last month that it was investing nearly $3.8 billion to expand battery capacity in Sichuan province and maintain its global dominance. It has begun work on an industrial park in Hubei to eventually power as many as 4 million EVs. It’s also looking at factory sites in Poland for a total investment of around €2 billion, while Hungary is vying for a role in CATL’s expansion plans, too. There’s also a plant underway in Germany.