CATL (Contemporary Amperex Technology Co., Ltd.) Business Report FY ended Dec. 2022
Performance |
(CNY millions) |
| Year ended December 31, 2022 | Year ended December 31, 2021 | Percentage change (%) | |
| Sales | 328,593.99 | 130,355.80 | 152.07 |
| Operating income | 36,821.98 | 19,823.73 | 85.75 |
| Ordinary income | 36,672.86 | 19,887.13 | 84.40 |
| Net income | 33,457.14 | 17,860.73 | 87.32 |
Company-wide sales
-For the year ended December 31, 2022, sales increased 152.07% year-over-year (y/y) to CNY 328,594 million; net income increased 87.32% y/y to CNY 33,457 million. By region, domestic sales in China accounted for 76.59% of total sales, while sales outside China accounted for 23.41% of total sales.
-The quantity of lithium-ion battery sold was equivalent to 289GWh (+116.6% y/y), of which 242GWh (+107.09% y/y) were drive batteries.
-The increase in sales was due to the continued growth in market demand for drive batteries as a result of the increase in sales of New Energy Vehicles (NEV: BEV, PHEV, FCV) in the Chinese market in 2022. In addition, the accelerated construction and deployment of New Energy battery production capacity led to a significant increase in sales over the previous year.
Business Highlights by Division
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-The company's business consists of three divisions: the Drive Battery Division, the Energy Storage Systems Division, and the Battery Materials Division.
- Drive Battery business:
Drive batteries are the company's core business, with sales of CNY 236,593 million in 2022, up 158.60% y/y.
-In FY2022, the company expanded production capacity at its Fuding and Cheliwan sites in Ningde, Fujian Province, as well as its Yichun and Guizhou sites, and built new plants in Xiamen, Luoyang, Jining, and elsewhere. In addition, the first production site outside of China was built in Thüringen, Germany. As a result, production capacity in 2022 reached 390GWh, approximately 2.3 times the 170GWh in 2021. With a capacity utilization rate of approximately 83.4%, the company strengthened its ties with domestic Chinese manufacturers such as SAIC, Geely, NIO, Li Auto, and the Yutong Group, and with foreign manufacturers such as Tesla, BMW, Daimler, Stellantis, Volkswagen, Ford, Hyundai, and Honda.
- Battery Materials business:
-Sales of lithium battery materials totaled approximately CNY 26.032 billion, up 116.08% from the previous year. The company expanded its investment in the field of mineral resources for batteries, investing in projects and building and operating facilities related to lithium, nickel, phosphorus, and other resources. In addition, the company has established a number of recycling sites globally and is focusing on battery recovery.
- Energy Storage System business:
-This business's sales increased by 3.3 times y/y to approximately CNY 45 billion. The company has deployed this business in many large-scale projects in the U.S., Italy, and the U.K., and is promoting its use in infrastructure inside and outside China.
New Technology/New Products
| Qilin Battery released for high-end EVs |
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| Qilin Battery (Source: From CATL's official WeChat account and press releases) |
-CATL officially released the Qilin Battery on June 23, 2022. This product is a battery for high-end EVs that uses third-generation CTP (Cell to Pack) technology. The Qilin battery has a volume utilization rate of 72% and an energy density of 255Wh/kg for a ternary battery system and 160Wh/kg for a lithium iron phosphate battery system. It also provides a cruising range of 1,000km. A large cell surface cooling technology is used, and it can heat the battery in 5 minutes (emergency restart function) and supports quick recharging up to 80% in 10 minutes. A Qilin battery of about the same size as a 4680 battery (cell size 46mm x 80mm) achieves 13% higher power output than a 4680 battery.
The Qilin battery eliminates the crossbeam, water cooling plate, and insulation pads, which were originally designed separately, to create a multifunctional elastic sandwich structure. In addition, a bottom-sharing design was adopted. This increased space by 6% by distributing functional modules for structural protection, high-voltage connections, and thermal runaway protection. Moreover, the world's first large cell cooling technology was adopted. Based on cell variations, coolant functions were placed between cells, increasing the heat exchange area by a factor of 4.
The Qilin battery will be used in the Geely Zeekr brand vehicles, and will be installed in the Zeekr 009 and Zeekr 001. CATL and Geely have entered into a five-year long-term strategic partnership.
-In March 2023, according to multiple media reports, mass production of the Qilin battery began.
| MTB (Module to Bracket) |
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| MTB (Module to Bracket) battery configuration | MTB (Module to Bracket) truck |
| (Source: From CATL's official WeChat account and press releases) | |
-MTB technology is the direct integration of a battery module into the bracket and chassis of a heavy-duty truck. Direct integration improves battery volume utilization by 40% and reduces weight by 10%. This results in a design with a low center of gravity. The energy density of the system reaches 305Wh/L (or 170Wh/Kg) and the battery cycle life is 10,000 cycles/10 years.
-The cell eliminates heat dissipation issues with a U-shaped liquid cooling system. Batteries can be freely combined to provide battery capacities from 140kWh to 600kWh. The operating temperature range is -35 to 65°C.
This system is scheduled to be adopted in the National Power Project for Electric Power Generation Core Power project being promoted by the Chinese government. State Power Investment Corporation Limited is a smart energy service affiliate of State Power Investment Corporation Limited, which focuses on the field of green transportation. (From CATL's official WeChat account dated September 17, 2022)
Battery replacement service "Modular battery swap solution"
-CATL's wholly owned subsidiary established the service brand EVOGO and launched a modular battery swap solution called Modular battery swap solution. The battery swap solution is a service consisting of battery modules, battery swap stations, and an app. At the battery swap station, the battery module "Choco-SEB," whose size can be freely selected like a piece of chocolate, is used for quick battery exchange. An app has also been developed at the same time to greatly improve the speed and convenience of battery replacement.
- Battery Module
-The battery module "Choco-SEB (Swapping Electric Block)" is a battery specially designed for use in sharing and uses the latest CTP technology. With a weight energy density of 160Wh/kg and a volumetric energy density of over 325Wh/L, a single battery has a range of approximately 200km. It can be adapted to 80% of EVs currently sold worldwide and EV platforms to be sold within the next three years. When replacing batteries, only the equivalent amount of batteries will be replaced based on the amount of energy used. In addition, a wireless BMS (battery management system) has been adopted to greatly improve convenience during battery replacement. - Battery Swap Station
The Fast Battery Swap Station is a drop-in battery swap station. It saves space, has a high turnover rate due to its fast charging speed, and is not affected by weather conditions because it has a roof. A typical station is about the size of a parking space for three cars. A single battery exchange can be completed in about one minute. At any given time, 48 replacement batteries are stored at the station. - App
The driver uses an app to share information between the vehicle, station, and battery module.
-The following is the status of the service in 2022, including supported models and regions where the service will be launched.
| Modular battery swap solution supported models | |
|---|---|
| Dongfeng PSA Dongfeng Fukang ES600 |
In October 2022, CATL announced that it will partner in the EVOGO battery replacement project with Dongfeng Peugeot Citroen Automobile Co., Ltd. and Contemporary Amperex Energy Service Technology Ltd. A battery replacement model will be developed based on the Dongfeng Fukang ES600. Currently, the battery replacement model of the Dongfeng Fukang ES600 is in the testing phase, and the company plans to start introducing the model for vehicle dispatch services in November 2022. In the future, owners who purchase the Dongfeng Fukang ES600 battery replacement model will be able to use CATL's EVOGO battery replacement services. (From CATL's official Wechat account dated October 25, 2022) |
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Aiways Aiways U5 |
In April 2022, CATL and Aiways Automobile Co., Ltd. (Aiways), a Chinese EV manufacturer, announced that they will form a partnership for EVOGO, a battery replacement service. The two companies will jointly develop a battery replacement version of Aiways's first mass-produced vehicle, the Aiways U5. This model is expected to be launched in the market in the fourth quarter of 2022. (From CATL's official Wechat dated April 27, 2022) |
| Sany | CATL and Sany Heavy Industry Co., Ltd. (Sany), a major Chinese construction equipment manufacturer, began a demonstration of battery-replaceable heavy-duty trucks in Ningde City, Fujian Province. China's first trunk line for electric heavy-duty trucks, the Funing Trunk Line, is now officially in operation, and Sany’s electric dump trucks have been introduced for the first time in Fujian Province. (From a press release dated February 23, 2022) |
| Modular battery swap solution service launch area (China) | |
| Guiyang City, Guizhou Province |
CATL announced that in December 2022, the EVOGO battery replacement service began operation in Guiyang, Guizhou Province. Four EVOGO battery exchange stations are already in operation in Guiyang. (From CATL's official WeChat account dated December 12, 2022) |
| Hefei City, Anhui Province |
In June 2022, CATL announced the launch of EVOGO, a battery exchange service, in Hefei, Anhui Province. As the first phase, three battery exchange stations have been started; by the end of 2022, 20 exchange stations will be installed in Hefei to provide the service within a 5-kilometer radius in the city's service rollout. (From CATL's official WeChat dated June 18, 2022) |
| Chengdu City, Sichuan Province |
In July 2022, the company announced that it has entered into a strategic partnership with the Chengdu City government. The two parties will cooperate in the operation of battery switching stations, research and development in the field of new energy, and resource utilization. At the same time, CATL and its subsidiaries have also signed cooperation agreements with the Xinjin district government, Chengdu Communications Investment Group, and Chengdu Environment Group. In addition to advancing the development and application of battery replacement technology, CATL will establish a Southwest China operation headquarters and an R&D center in Chengdu. It will also work to develop technologies and products and promote projects in the development and utilization of new energy sources, drive batteries, and zero-carbon transportation. In the area of integrated resource utilization, a zero-carbon model area is planned to be established in the Changan Venous Industrial Park. (From CATL's official WeChat dated July 31, 2022) |
| Xiamen City, Fujian Province |
In March 2022, CATL subsidiary Contemporary Amperex Energy Service Technology Ltd. (CAES) and a subsidiary of Fujian Expressway Group Co., Ltd. (Fujian Expressway Group) signed a memorandum of understanding for a strategic alliance. The two companies will establish a joint venture to provide battery replacement services in Fujian Province. The joint venture will build and operate battery exchange stations at Fujian Expressway service areas and terminals, and will also expand its business to neighboring provinces. (From a press release dated February 23, 2022) |
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In April 2022, "EVOGO" battery replacement service will be launched in Xiamen City (Amoi), Fujian Province. The first service was launched at four battery exchange stations located in Siming District, Huli District, and Haicang District in Xiamen City. The monthly service fee for Choco-SEB (swapping electric block) is currently as low as CNY 399/piece, but will be adjusted according to various usage conditions of the users. CATL plans to build 30 battery exchange stations in Xiamen by the end of 2022, so that there will be one exchange station within a 3km radius. (From a press release dated April 18, 2022) |
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| Fig. 3: Battery module Choco-SEB (Swapping Electric Block) | Figure 4: Dongfeng Fukang ES600 at a battery swap station in Xiamen, Fujian Province |
| Source: From CATL's official WeChat account and press releases | |
Other Technology Trends
| CTC (Cell to Chassis) battery technology | Technology |
The CIIC (CATL Integrated Intelligent Chassis) is highly integrated by optimizing the internal structure of the battery and integrating the battery pack, motor, and other major components under the vehicle. It increases the energy density of the battery and improves the volumetric efficiency of the same size, thereby reducing costs and saving energy, while increasing passenger space. |
|---|---|---|
| Alliance |
Neta Automobile: The two companies will cooperate in CIIC technology, with Neta Automobile's models equipped with CIIC to be launched as early as the end of 2024. |
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| Mass production |
In December 2022, construction of the Shanghai Smart Power System Factory (Phase 2), an integrated electric chassis research and development (R&D) site, began in the Lingang New Area of Shanghai. |
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| Sodium-ion battery |
The first-generation sodium-ion battery has an energy density of 160Wh/kg as a stand-alone cell, can be charged to more than 80% capacity in 15 minutes at room temperature, and has a capacity maintenance rate of more than 90% even at a low temperature of -20°C. It also has a system integration efficiency of more than 80%. The thermal stability of the battery also fully meets the safety requirements set by China. Sodium-ion batteries excel in low-temperature performance and rapid recharging, and are particularly advantageous under the high power conditions required in alpine regions. Efforts are currently underway for mass production by 2023. |
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| AB battery | This technology mixes two types of batteries, a sodium ion battery and a lithium ion battery, at a certain ratio, and controls each using a BMS algorithm. The weak point of energy density in sodium-ion batteries can be compensated for by lithium-ion batteries, and the advantages of sodium-ion batteries, such as high efficiency and high low-temperature performance, can be utilized. | |
| Thermal Diffusion Prevention Technology | In September 2020, the company began mass production of the NCM811 battery, a technology that prevents thermal diffusion in the system in the event of a single cell failure, and plans to begin mass production of batteries with a range of 1,000 km or more by 2023. | |
| Solid-state battery | Two patents related to all solid-state batteries, "Method for manufacturing all solid-state battery electrolytes" and "Method for manufacturing sulfide solid-state electrolytes," are published. (From various releases dated January 21, 2021) | |
R&D expenses |
(CNY millions) |
| Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2020 | ||
| R&D expenses | 15,510.45 | 7,691.43 | 3,569.38 | |
| Percentage of sales (%) | 4.72 | 5.90 | 7.09 | |
-The company's R&D headcount increased by 61.94% over the previous year to 16,322. This represents 13.73% of the company's total workforce.
-The company holds 5,518 patents in China and 1,065 patents abroad. The number of patents pending in China and abroad total 10,054, a 42.5% increase over the previous year. (As of December 31, 2022)
-The company has a national engineering research center for electrochemical energy storage technology, a key laboratory for lithium-ion battery enterprises in Fujian Province, a testing and verification center accredited by the China National Accreditation Service for Acceptance Verification (CNAS), and a 21C innovation laboratory that focuses on cutting-edge basic research in the field of energy storage and conversion. The company also established the Postdoctoral Research Station and the Fujian Academic Expert Workstation. In 2022, the company established the Shanghai Institute of Future Energy and has cooperative relationships with Shanghai Jiao Tong University, Harbin Institute of Technology, and the Chinese Academy of Sciences in the areas of human resource development and scientific and technological research. (From the company's annual report for the year ended December 31, 2022)
Partnering with OEMs
| OEM | Details |
|---|---|
| Changan Automobile | CATL announced the establishment of a joint venture with Changan Automobile. The two companies will collaborate through the joint venture, with CATL contributing to further improving Changan Automobile's product competitiveness through its development and superiority in drive battery development, production, manufacturing, and after-sales service. (From CATL's official WeChat account dated December 20, 2022) |
| Avatr Technology | Avatr Technology, a manufacturer of electric vehicles (EV), signed an agreement with CATL to deepen their strategic partnership in Chongqing. The two companies will establish an industry-leading battery supply system based on advanced battery technology. On the day of the signing ceremony, Avatar Technology launched its first smart electric coupe SUV, the Avatar 11, and a limited-edition version, the Avatar 011. This model is the first model to adopt the smart EV technology platform "CHN," which was jointly developed by Changan Automobile, Huawei (Huawei), and CATL. The installed batteries manufactured by CATL can provide a driving range of 200km with a 10 minute charge. (Based on CATL's official WeChat account dated December 20, 2022) |
|
Geely |
CATL announced that the first phase of the CATL Geely joint venture Yibin power battery project has begun operations. The plant will produce drive batteries. The Yibin plant is a site in which construction began in October 2020. It has an annual production capacity of 15GWh with a total investment of up to CNY 8 billion. The site area is approximately 330,000 square meters. As of December 2022, the plant is said to be in full operation. CATL Geely is a drive battery manufacturing and servicing company jointly established by CATL and Zeekr. (From CATL's official Wechat account dated December 19, 2022) |
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Zeekr |
Zeekr Intelligent Technology Holding Limited (Zeekr) announced that it will be the world's first automotive brand to install Qilin batteries. The Zeekr 009 will be the world's first model powered by Qilin batteries, and the Zeekr 001 will be the world's first model powered by Qilin batteries with a range of 1,000km. The two companies have signed a five-year strategic partnership agreement. The Qilin battery uses CATL's 3rd generation CTP technology, and for the same material composition and pack size, the Qilin battery has 13% higher output than the 4680 battery. (From CATL's official Wechat account dated August 27, 2022) |
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Chery Group |
Chery Holding Group Co., Ltd. (Chery Group) agreed to the creation of a strategic alliance framework with CATL. CATL will supply batteries for passenger cars, and will also cooperate in technology. In addition, the two companies will cooperate in public transportation and battery replacement business for large buses, heavy-duty trucks, and electric-powered ships. (From CATL's official Wechat account, December 14, 2022) |
| GAC | GAC Group and CATL will make an additional CNY 1 billion investment in their joint venture, CATL-GAC Power Battery Co., Ltd., in proportion to its shareholding ratio. |
| Seres | Seres Group Co., Ltd. (Seres) has agreed to install CATL's Qilin batteries in AITO's new Wenjie series models and have signed a five-year long-term contract. The Qilin battery to be installed in the new model uses CATL's 3rd generation CTP technology. The battery pack has a volume utilization rate of over 72%, an energy density of 255Wh/kg, and a range of over 1,000km. In addition, the Qilin battery uses the world's first large cell surface cooling technology, which enables hot-starting in 5 minutes and rapid recharging to 80% in 10 minutes. The Qilin battery will extend the range of the Wenjie series models by 10% and also improve charging time, safety, product life, efficiency, and low-temperature characteristics. (Based on CATL's official Wechat account dated August 27, 2022) |
|
FAW Jiefang |
The company announced the establishment of a joint venture with FAW Jiefang. The company name is Jiefang CATL New Energy Technology Co., Ltd. The new company will be established in Zhengding County, Shijiazhuang, Hebei Province, and will engage in the sale of new energy commercial vehicles, green power trading, CO2 credit trading, and vehicle leasing. Through these businesses, it will build an ecosystem chain of new energy (NEV) trucks and promote electric mobility in the city. (From CATL's official Wechat account dated August 18, 2022) |
| Yutong Group | The Yutong Group and CATL, announced that they have entered into a 10-year strategic alliance in Zhengzhou, Henan Province. The two companies will promote the development of new materials and technologies and establish standards for commercial vehicle battery technology through resource sharing in the commercial vehicle field, including buses, heavy-duty and light-duty trucks. They will also focus on markets outside China. So far, CATL has supplied 19GWh of drive batteries to Yutong. It has supplied about 150,000 new energy buses, or a 93% share, and exports to over 40 countries, including Qatar, France, the UK, and Spain. (From CATL's official WeChat account dated August 9, 2022) |
| Ford | CATL announced that it has signed a Memorandum of Understanding (MOU) with Ford Motor Company. The two companies have agreed to the supply of batteries for China, Europe, and North America. CATL will also supply iron phosphate lithium battery packs for the Ford Mustang Mach-E in North America starting in 2023 and for the F-150 Lightning EV pickup in North America starting in 2024. (From CATL's official WeChat dated July 21, 2022) |
| BMW | CATL announced that it has signed a long-term contract with BMW Group to supply cylindrical batteries for electric vehicles (EVs) based on BMW Group's new generation platform starting in 2025. The batteries to be supplied are new cylindrical batteries with a standard diameter of 46 mm. They will be produced at two battery plants in China and Europe and supplied to BMW from each plant. Annual production capacity is expected to reach 20 GWh. The partnership will prioritize the use of renewable electricity and reusable materials. In addition, raw materials such as cobalt and lithium will be sourced from certified mines. (From CATL's official Wechat account, dated September 9, 2022) |
| Solaris | CATL and Solaris, a European EV bus manufacturer, announced that they will cooperate in the electrification of urban transportation in Europe; CATL will supply lithium iron phosphate batteries with CTP (Cell-to-Pack) technology for Solaris' buses. Through this, both companies will promote the electrification of buses and contribute to reducing CO2 emissions and improving air pollution in Europe. (From CATL's official WeChat dated May 25, 2022) |
| Trailer Dynamics | CATL has signed a strategic cooperation agreement with German startup Trailer Dynamics, which will use CATL's products in its e-Trailer according to vehicle specifications and other requirements. |
| Tesla | The company reported that it has extended its battery supply agreement with Tesla, announcing that it will supply lithium-ion batteries to Tesla from January 2022 to December 2025. To further expand and deepen the relationship with Tesla, the two companies signed a "production price agreement," but final sales will depend on the actual settlement terms of the purchase order issued by Tesla. CATL said that in an earlier agreement with Tesla signed in February 2020, CATL agreed to supply lithium-ion batteries to Tesla from July 2020 to June 2022. (Multiple sources on June 28, 2021) |
| Daihatsu |
CATL announced that it has agreed to an MOU regarding strategic cooperation with Daihatsu Motor Co., Ltd. on battery supply and battery technology to promote e-mobility in Japan. Under the agreement, CATL will provide a stable supply of batteries for Daihatsu's electric vehicles (EVs). CATL and Daihatsu plan to combine their superior technologies to realize advanced battery technologies such as CTP (Cell-to-Pack: technology to directly integrate cells into packs) and BMS (Battery Management System), etc. CATL's advanced batteries will help Daihatsu to produce new, high-quality, affordable EVs not only in Japan but also in emerging markets. (From a press release dated November 11, 2022) |
| Honda |
The company and Honda Motor Co., Ltd. signed a memorandum of understanding to strengthen their partnership with the aim of establishing a stable battery procurement system. Dongfeng Honda Automobile Co., Ltd. and GAC Honda Automobile Co., Ltd. currently independently procure batteries from CATL, but will unify their battery procurement in a new company to increase efficiency. With the conclusion of the MOU, Honda and CATL will study ways to optimize production and logistics, including centralized battery production and battery recycling at the Yichun plant that CATL is constructing, and will comprehensively work to establish a long-term stable procurement system and further strengthen competitiveness. (From a press release dated September 7, 2022) |
| Hyundai |
CATL has become the supplier for the third model based on Hyundai Motor Co., Ltd.'s dedicated E-GMP platform for electric vehicles (EVs). Of the three models, CATL will supply drive batteries for two models and SK Innovation for one model. This marked the second time for CATL to supply Hyundai with power batteries, after CATL won the second batch of E-GMP orders with LG Energy Solution. (From multiple media reports dated February 22, 2021) |
Strategic partnership
| Business partner | Details |
|---|---|
| TDK |
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| China Mobile | The company and China Mobile Communications Group Co., Ltd. (China Mobile) have agreed to a strategic partnership. Under the agreement, the two companies will jointly build a zero-carbon data center, utilize distributed energy storage and power grids, develop an operation and management platform for intelligent batteries with integrated backup and storage, and more. (From CATL's official Wechat dated September 1, 2022) |
| Yinlun Machinery |
Zhejiang Yinlun Machinery Co., Ltd. (Yinlun Machinery) announced that it has signed a strategic cooperation agreement with CATL in three areas. 1. Establishing a cooperation model for products including battery cooling plates, copper and aluminum rods, aluminum die-cast parts, and CTC integrated modules.2. Support globalization of both parties, joint development of projects outside China, and construction of overseas cooperative processing production bases. 3. Promoting sustainable development of the supply chain in terms of carbon dioxide emissions and other aspects (From a press release on November 26, 2022) |
| Shenzhen Everwin Precision | Shenzhen Everwin Precision Technology Co., Ltd. announced a strategic alliance with CATL. In addition to battery pack modules, the two companies will strengthen cooperation in the area of components such as battery pack frames, liquid coolant plates, busbars, and CCS (cell connection system). In addition, the two companies will cooperate in the development of overseas factories and supply chain development. (From Changying Precision's press release dated December 9, 2022) |
| Huawei | CATL signed an MOU with Huawei Device Co., Ltd. (Huawei Device). The two companies will collaborate on Huawei's smart car project, and CATL plans to supply drive batteries for Huawei's project based on Huawei Device's recommendation. (From CATL's official WeChat account, dated December 14, 2022) |
| Arun Plus |
Arun Plus of Thailand and CATL announced that they will form a strategic alliance. The two companies will collaborate on battery-related businesses in the ASEAN region. CATL will authorize CTP technology to Arun Plus to promote the spread of CTP technology in Thailand and globally. Arun Plus is a wholly owned subsidiary of PTT Public Company Limited (PTT) of Thailand. Both companies will supply batteries for Horizon Plus and other electric vehicle (EV) brands. Horizon Plus is a joint venture between Arun Plus and Foxconn Technology Group (Foxconn), which plans to start producing electric vehicles (EVs) in Thailand in 2024. (From CATL's official Wechat dated May 13, 2022) |
Alliances with government and related organizations on New Energy
| Partner | Details |
|---|---|
| Indonesia | The Indonesian Investment Agency (INA) announced that it has signed a Memorandum of Understanding (MoU) with CATL and CMB International Capital Corporation Limited (CMBI) for cooperation in new investments and fund establishment in the New Energy sector. The will establish a green fund focused primarily on end-to-end EV value chain investments in Indonesia, in line with Indonesia's commitment to sustainability and carbon neutrality by 2060. The green fund, expected to be worth USD 2 billion, will aim to be a unique platform for investment opportunities in the emerging EV ecosystem, leveraging Indonesia's advantages as a country, its growing domestic automotive market, and each party's strengths, networks, and resources. (From a press release dated November 14, 2022) |
| Shandong Province, China | CATL announced that it has agreed to strategic partnership framework discussions with the Shandong Provincial Government. The two companies will foster the New Energy industry, including battery materials, exchange, and energy storage, as well as promote the spread of new energy vehicles (NEVs) and the electrification of ships. The company also signed an investment agreement and a battery exchange network agreement with the Jining municipal government, and an agreement on ship electrification with Jining Energy Development Group. (From CATL's official Wechat account, dated July 21, 2022) |
| Henan Province, China | The company announced an agreement with Henan Province to build a zero-carbon industrial cluster. CATL will also cooperate with the Luoyang municipal government of the same province in the construction of a New Energy industry ecosystem. They will cooperate in the development and production of New Energy batteries, the construction of an industrial ecosystem, and the application of new energy technologies to support the development of Henan Province. (From CATL's official WeChat dated June 22, 2022) |
| Fujian Energy & Petrochemical Group | The company announced that it has entered into a strategic alliance with Fujian Energy Petrochemical Group Co., Ltd. The two companies will exercise their advantages in finance, technology, human resources, management, markets, sales channels, and industrial chains. They will also cooperate in the development of energy projects and the battery industry chain to build a low-carbon, safe, and highly efficient energy system. (From CATL's official Wechat account dated June 17, 2022) |
| Heilongjiang Transport | CATL and Heilongjiang Transport Development Co., Ltd. (Heilongjiang Transport) announced that they will conduct related research in several sectors for possible cooperation, involving battery charging and swapping for heavy trucks, battery swapping for online ride-hailing cabs, battery charging and swapping for cruising cabs, and photovoltaic power. Heilongjiang Transport plans to provide battery swap service for heavy trucks. After doing some investigating, Heilongjiang Transport has selected a quarry of Heilongjiang Jiaotou Hengtai Stone Resources Development Co., Ltd. as the first test site. Heilongjiang Transport and CATL have initially established an intention of cooperation, planning to replace traditional diesel-powered heavy trucks with battery-replaceable heavy trucks, so as to ensure efficient operation while reducing usage costs. The project is currently at the stage of field test. (From a June 1, 2022 press release) |
| China Merchants Group |
CATL signed a strategic cooperation agreement with China Merchants Group. The two companies will cooperate in areas such as technological innovation, green mobility, integrated finance, and green parks. China Merchants Group is a state-owned Chinese company involved in integrated transportation, including shipping. (From a press release, January 12, 2022) |
Battery production capacity (GWh)
-The company has a total of 13 production sites: Ningde (Fujian), Xining (Qinghai), Liyang (Jiangsu), Yibin (Sichuan), Zhaoqing (Guangdong), Shanghai Lingang New Area, Xiamen (Fujian), Yichun (Jiangxi), Guiyang (Guizhou), Jinning (Shandong), Luoyang (Henan), Erfurt (Germany) and Debrecen (Hungary). It has also established battery production plants in joint ventures with OEMs such as SAIC, Geely, FAW, GAC, and Dongfeng. As of December 2022, the production capacity was 390GWh.
| Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2020 | |
|---|---|---|---|
| Production capacity | 390 | 170 | 69 |
| Production output | 325 | 162 | 52 |
| Utilization rate | 83% | 95% | 75% |
| Additional production capacity under construction | 152 | 140 | 78 |
New plants
| Location | Area (1,000 m2) |
Investment | Production capacity | Products | |
|---|---|---|---|---|---|
| Yibin City, Sichuan Province | 1,300 | CNY 12 billion | 40GWh | Drive batteries |
The Sichuan Contemporary Amperex Technology Limited Phases 7 and 8 project, with a total investment of CNY 12 billion and a maximum planned construction start-up capacity of 225GWh, will be the world's largest battery production site when completed. Once the project is completed and production begins, the plant is expected to generate annual sales of CNY 35 billion. Previously, the project had been built in six phases with an investment of approximately CNY 32 billion starting in 2019, but the Sichuan CATL Phases 7-10 Project Investment Agreement was signed to invest an additional CNY 24 billion beyond the first six phases, bringing the total investment to CNY 66 billion. The first phase officially went into operation in June 2021. |
| Xiamen City, Fujian Province | 1,270 | CNY 13 billion | - | Drive batteries, energy storage systems | All construction was completed within 26 months. The production of power battery systems and energy storage systems will be carried out mainly by the wholly owned subsidiary, Xiamen Contemporary Amperex Technology Limited |
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Ningde City, Fujian Province |
- | CNY 357 million | 6.5GWh | Drive battery modules | Completed in April 2022. |
| Zhaoqing City, Guangdong Province | - | CNY 12 billion | - | Drive batteries, energy storage systems | Construction began on March 28, 2021, with production starting in May 2022. |
| Yichang City, Hubei Province | - | CNY 32 billion | - | -Operated by the following affiliated companies - Ningbo Brunp CATL New Energy Co., Ltd.: Battery cathode materials (construction started in September 2022) - Guangdong Brunp Recycling Technology Limited: Recycling of waste lithium iron phosphate - Brunp Yihua |
In October 2021, the holding subsidiary Guangdong Brunp Recycling Technology Co., Ltd. and its subsidiary Ningbo Brunp CATL New Energy Co., Ltd. and Yichang City agreed on a joint project. The partnership will cover the industrial life cycle of phosphate ore, raw materials, precursors, cathode materials, and battery recycling. An industrial park will be built to supply battery cathode materials for 4 million New Energy Vehicles. |
| Luoyang City, Henan Province | 1,130 | CNY 14 billion | - | Drive batteries, energy storage systems | Project by the wholly owned subsidiary Zhongzhou Contemporary Amperex Technology Limited. |
| Suzhou City, Jiangsu Province | 115 | CNY 5 billion | - | CTC integrated electric chassis, power domain integration, power electronics and energy storage systems, etc. | - |
| Jining City, Shandong Province | 1,330 | CNY 14 billion | - | Drive batteries, energy storage systems | Battery swap station for heavy-duty trucks |
|
Thüringen, Germany |
- | EUR 1.8 billion | 14GWh | Battery cells | Construction will begin in 2021. The plant will be divided into two parts. Plant G1, which assembles cells purchased from other companies into modules, began mass production in 2021. G2, a newly established cell production plant with a licensed cell capacity of 8GWh, began mass production in December 2022. |
| Debrecen, Hungary | 221ha | EUR 7.34 billion | 100GWh | Battery cells, modules | The company plans to supply batteries to Mercedes-Benz production sites in Germany and Hungary. |
| Mexico/USA (planning) |
- | - | 80GWh | - | - |
Mineral resource development, smelting, raw material processing
| Business partner | Details of Cooperation |
|---|---|
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Suzhou TA&A Ultra Clean Technology (TA&A) |
Suzhou TA&A Ultra Clean Technology Co., Ltd. (TA&A) announced that it signed a joint venture agreement with CATL. Under the agreement, TA&A intends to set up a joint venture company with CATL or its subsidiary in Yichun, Jiangxi Province. The joint venture company will invest in building a factory which will produce 100,000 tons of lithium carbonate per year. The registered capital of the joint venture company is CNY 100,000. TA&A holds a 10% share, while CATL holds a 90% share. Within 12 months of the establishment of the joint venture company, the factory should be able to produce 50,000 tons of lithium carbonate. By the end of 2023, it should reach full capacity. (From a press release by TA&A dated January 29, 2022) |
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Guangdong Jiayuan Technology |
Guangdong Jiayuan Technology Co., Ltd. (Jiayuan Technology) announced that it will establish a joint venture with CATL inMeixian District, an area in the city of Meizhou in Guangdong Province. The joint venture is tentatively named Guangdong Jiayuan Times New Energy Materials Co., Ltd., with a registerd capital of CNY 500 million. Jiayuan Technology will hold 80% of the shares and CATL will hold 20%. The plant will produce 100,000 tons of high-performance electrodeposited copper foil per year. The plant will be constructed in two phases, with the first phase having an annual production capacity of 50,000 tons. In the second phase, another 50,000 tons per year capacity will be added. (From a Jiayuan Technology press release dated February 9, 2022) |
| Sichuan Province |
CATL announced that its subsidiary, Sichuan Times New Energy Co., Ltd., has signed a joint venture agreement with Garze Tibetan Autonomous Prefecture Investment and Development Group Co., Ltd. The companies will fully cooperate on the premise of mineral supply security in line with national strategiesy, accelerate exploration and development of lithium resources in the province, expand lithium resource supply, and promote development throughout the industrial chain. (From a press release dated February 14, 2022) |
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Zhongke Xingcheng Holdings Zhongke Xingcheng Graphite |
Hunan Zhongke Electric Co., Ltd. (Zhongke Electric) and its subsidiaries, Hunan Zhongke Xingcheng Holdings Co., Ltd. (Zhongke Xingcheng Holdings) and Gui'an New Area Zhongke Xingcheng Gaphite Co., Ltd. (Zhongke Xingcheng Graphite) have signed a contract with CATL to build a plant to produce anode materials for lithium-ion batteries. Based on the agreement, Zhongke Xingcheng Graphite will receive an additional investment of CNY 420 million from Zhongke Xingcheng Holdings and an additional investment of CNY 280 million from CATL or its subsidiary. As a result, the registered capital of Zhongke Xingcheng Graphite will increase from CNY 100 million to CNY 800 million, with Zhongke Xingcheng Holdings holding 65% of the shares and CATL or its subsidiary 35%. Based on this additional investment, Zhongke Xingcheng Graphite will build a lithium-ion battery anode material plant with an annual capacity of 100,000 tons. The construction will be carried out in two phases, with the first phase to develop a production capacity of 65,000 tons and the second phase to develop a production capacity of 35,000 tons. (Based on a press release dated February 21, 2022) |
| Indonesia PT Aneka Tambang (ANTAM), IBI | Ningbo Contemporary Brunp Lygend Co., Ltd. (CBL), an affiliate of CATL, announced that it will establish an industrial chain for drive batteries, including nickel ore mining and smelting, and battery production and recovery, with PT Aneka Tambang (ANTAM) and PT Industri Baterai Indonesia (IBI) in Indonesia. Through the collaboration, the three companies will build a drive battery plant in the FHT Industrial Park in East Halmahera, North Maluku, Indonesia. The total investment will be up to USD 5.968 billion. Through this project, CATL will secure the supply of key resources and raw materials, reduce production costs, and promote the battery recovery business. ANTAM is a state-owned company listed in Indonesia that is involved in the mining of various minerals and related businesses; IBI is likewise an Indonesian state-owned company that invests primarily in battery and related industrial chain projects locally and abroad. (From a CATL release dated April 15, 2022) |
| Shanghai Shanshan | The company and four other companies, including BYD, will jointly invest a total of CNY 3.05 billion in Shanghai Shanshan Lithium Battery Material Technology Co., Ltd. (Shanghai Shanshan). Shanghai Shanshan is mainly engaged in R&D, production, and sales of anode materials and carbon materials for lithium-ion batteries. (From a press release dated April 20, 2022) |
| Industrial base construction | The company announced that its subsidiary, Guangdong Brunp Recycling Technology Limited will build an industrial base for new materials in Foshan City, Guangdong Province. The total investment in this project is up to CNY 23.8 billion. This will be a large-scale industrial site that will integrate functions such as the recovery of 500,000 tons of waste battery materials, the production of lithium iron phosphate and ternary cathode materials, and recycled graphite anode materials. (From the press release dated January 30, 2023) |
Energy Recycling
-CATL announced that its subsidiary Sichuan Contemporary Amperex Technology Limited has received PAS2060 certification from SGS for carbon neutrality. CATL’s Yibin plant is located in Yibin City, Sichuan Province. All the waste produced during manufacturing will be recycled, and the recovery rate of precious metals such as nickel, cobalt and manganese can reach 99.3%. More than 80% of the waste will come from renewable energy sources, which will reduce CO2 emissions by 400,000 tons annually. In the future, CATL will disseminate its findings at this plant to achieve carbon neutrality at its 10 major sites around the world, thereby contributing to building a sustainable ecosystem for the industrial chain and achieving the goal of carbon neutrality and carbon peak-out. (From CATL's official Wechat dated March 25, 2022)