CATL (Contemporary Amperex Technology Co., Ltd.) Business Report FY ended Dec. 2023

Performance

(CNY millions)
Year ended December 31, 2023 Year ended December 31, 2022 Percentage change (%)
Sales 400,917.05 328,593.99 22.01
Operating income 53,718.30 36,821.98 45.89
Ordinary income 53,914.05 36,672.86 47.01
Net income 46,761.03 33,457.14 39.76

Company-wide sales

-In the fiscal year ending December 2023, sales increased due to increased demand in the drive battery market. According to the Company, global sales of New Energy Vehicles in 2023 reached 14.061 million units, marking a 33.4% increase over the previous year.

-In the fiscal year ended December 2023, the Company's sales were CNY 400,917,044,900, an increase of 22.01% over the previous year. Net income attributable to owners of the parent company was CNY 44,121,248,300, an increase of 43.58% over the previous year. Lithium-ion battery sales volume increased 34.95% year-over-year (y/y) to 390GWh. Among them, the sales volume of drive battery systems increased by 32.56% y/y to 321GWh, and the sales volume of energy storage battery systems increased by 46.81% to 69GWh.

-In the fiscal year ended December 2023, sales outside China were CNY 130,992,149,900, accounting for 32.67% of sales. This is primarily due to the Company's continued expansion of business outside China and regular supply to existing overseas customers. The Company's main product outside China is battery systems.

Business Highlights by Division  

-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:

The company's core business. In 2023, the Company released the condensed battery, the Shenxing battery, and the first generation sodium ion battery. Mass production of M3P batteries for Chery models has begun. Additionally, mass production of Qilin batteries has begun in cooperation with Li Auto. The Shenxing Battery is a 4C battery that can be quickly charged at room temperature. It has been officially announced that Avatr, Hozon, Chery, BJEV, Dongfeng Voyah, and GAC vehicles are equipped with the Shenxing Battery.

-In the Chinese market, the Company's domestic drive battery usage in 2023 was 171.9GWh, an increase of 28.7% from the previous year, and its market share was 44.5%. The main customers include Li Auto, Zeekr, NIO, Wenjie, and BMW.

-In markets outside China, the Company supplies products to major automakers such as BMW, Daimler, Stellantis, VW, Hyundai, and Honda. The Company has signed an MOU with Stellantis to supply LFP batteries in the European market, and has strategic alliance relationships with major commercial vehicle manufacturers such as Daimler and Volvo.

  • Energy Storage System business:

-In the fiscal year ended December 2023, CATL’s energy storage system sales were CNY 59.901 billion, an increase of 33.17% compared to the previous year. The Company has received orders for energy storage system projects from companies in countries such as Australia and Italy.

  • Battery Materials business:

-In the fiscal year ended December 2023, the Company's sales of lithium battery materials increased by 29.08% from the previous year to CNY 33.602 billion.

New Technology/New Products

Launching the Shenxing Superfast Charging Battery
1, Shenxing Superfast Charging Battery 2, Technology in Shenxing Superfast Charging Battery
(Source: From CATL's official WeChat account and press releases)

-In August 2023, CATL announced the launch of the Shenxing Superfast Charging Battery, the world’s first lithium iron phosphate (LFP) battery with 4C superfast charging. The battery is capable of delivering a range of over 700km on a single full charge as well as 400km of driving range with a 10-minute charge. It enables a 0–80% charge in 30 minutes at temperatures as low as -10°C. Innovations have been achieved in battery material, structure, and system. It employs the super electronic network cathode technology and fully nano-crystallized LFP cathode material to create a super electronic network, which facilitates the extraction of lithium ions and the rapid response to charging signals. For graphite innovation, CATL’s fast ion ring technology is used to modify the properties of the graphite surface, which creates an expressway for current conduction. Furthermore, a multi-gradient layered electrode design has been developed to strike a perfect balance between fast charging and long range. CATL has developed a brand-new superconducting electrolyte formula, which effectively reduces the viscosity of the electrolyte, resulting in improved conductivity and enhanced desolvation ability of the lithium ions. In addition, CATL has improved the ultra-thin SEI film to reduce resistance of lithium-ion movement. CATL has also improved the high porosity and low tortuosity pores of the isolation membrane, thus improving the transmission rate of lithium ions. Mass production of the Shenxing battery will be achieved by the end of this year, and electric vehicles equipped with it will be available on the market in the first quarter of next year. (Based on CATL official channel dated August 16, 2023) 

Shenxing Superfast Charging Battery released in Europe
-CATL announced that it showcased a diverse range of products and solutions at the IAA Mobility 2023. Moreover, CATL plans to produce the Shenxing Superfast Charging Battery in Europe. Among the exhibits, the Shenxing Superfast Charging Battery and the M3P battery both made their overseas debuts outside China.

Partnership with OEMs for Shenxing Superfast Charging Battery
Chery

In February 2024, Exeed, a Chery sub-brand, announced that the CATL Shenxing Superfast Charging Battery reached mass production and made its global debut in the Sterra ET SUV.

The Sterra ET is capable of “full-temperature-range lightning-fast charging”, which enables a 400km range on a 10-minute charge at 25 degrees Celsius and a 20% to 80% battery capacity charging time of only 24 minutes at minus 20 degrees Celsius. The Sterra ET has undergone a series of battery safety tests and passed the CATARC NESTA technology verification.

(From an Exeed press release dated February 20, 2024)

GAC Group

In November 2023, CATL announced at the Auto Guangzhou 2023 that it will deepen cooperation with GAC Group in areas such as R&D of new technologies, supply of the Shenxing Superfast Charging Battery, exploration of business models, and synergistic development of markets. Through resource sharing and advantage complementation, the two parties will co-develop high-quality New Energy Vehicles (NEVs) and jointly promote the innovation and global deployment of battery technologies. In response to NEV users’ current anxiety for charging at low temperatures, battery service life, and more, they will co-develop low-temperature-adaptable and long-service-life versions for the Shenxing battery, of which the latter will support an ultra-long cell guarantee period of 8 years or 800,000km and is expected to be officially launched in June 2024. (From a CATL press release dated November 17, 2023)

VOYAH In November 2023, CATL announced that it signed a strategic cooperation agreement with VOYAH Automobile, an EV brand under Dongfeng Motor Group. The two parties will collaborate in areas encompassing superfast charging technology, battery safety, and big data. In the field of superfast charging technology, both parties will jointly propel the adoption of CATL's Shenxing Superfast Charging Battery in VOYAH-branded vehicles. As for battery safety, they will jointly develop high-security batteries and establish a comprehensive information network which enables an all-encompassing ecosystem management cycle. Regarding their international foray, VOYAH has made successful inroads into overseas markets, while CATL has established its overseas manufacturing facilities. In the future, the two entities plan to bolster their strategic presence on a global scale, offering consumers around the world a more convenient, secure, and intelligent choice for high-end new energy mobility. (From a press release dated November 3, 2023)
BJEV In October 2023, CATL announced that Beiqi New Energy (BJEV) will adopt the Shenxing Superfast Charging Battery featuring fast charging, long life, and high level of safety for its ARCFOX brand models. The two companies intend to deepen cooperation in the field of drive batteries and jointly solve issues such as heat generation during overcharging, ultra-fast charging at the battery pack level, extended cruising range, and weight reduction, in order to promote the use of the Shenxing Superfast Charging Battery. ( From CATL's official website dated October 18, 2023

Launching the Condensed Battery
Condensed Battery
(Source:MarkLines)

-CATL presented its Condensed Battery at the Auto Shanghai 2023 motor show. This battery uses bionic condensed electrolyte with high output characteristics and a micron-level mesh structure. The interaction force between the chains is adjusted to enhance stability, improve the dynamic performance of the battery, and increase the transfer efficiency of lithium ions. The energy density of a single condensed battery can reach up to 500Wh/Kg. CATL is currently focusing on the development of a civilian manned electric aircraft project, which will meet aircraft-level safety quality requirements, according to the company. The Company is also developing condensed batteries for use in EVs, with mass production scheduled to begin by the end of 2023. ( From CATL's official Wechat account, dated April 19, 2023)

  

Solutions in the field of battery replacement

-The Company released the "EVOGO" modular battery swapping solution in 2022, and the one-stop heavy-duty truck battery swapping solution "Qiji Energy” in 2023.

Solutions in the field of battery replacement
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.
Battery swap solution for heavy-duty trucks "Qiji Energy" In June 2023, CATL launched Qiji Energy, a battery swap solution for heavy-duty trucks. The solution consists of Qiji Swapping Electric Blocks, Qiji Battery Swap Station, and Qiji Cloud Platform. Based on the CATL’s 3rd-generation LFP battery chemistry, Qiji Swapping Electric Blocks adopt the innovative NP (Non Propagation) technology and CTP (cell-to-pack) technology, striking a balance between safety and usage costs. Qiji Battery Swap Station enables one-stop swapping for different truck models and brands. The Qiji Energy adopts the modular design with each swapping electric block having a capacity of 171kWh. Users can choose the number of blocks from 1 to 3 according to different needs and scenarios. Qiji Cloud Platform uses big data analysis to realize asset monitoring, intelligent dispatching, one-click appointment for battery swapping, and transportation route planning, which will significantly enhance operational and transportation efficiency. 

The following is the status of the EVOGO and Qiji Energy services in 2023, including supported models and regions where the service will be launched.

EVOGO modular battery swap solution supported models
Nanling Auto

Contemporary Amperex Energy Service Technology Ltd. (CAES), a subsidiary of CATL, announced the signing of a strategic cooperation framework agreement with Guangzhou Nanling Automobile Co., Ltd. (Nanling Auto) in Shenzhen. The two parties will give full play to their respective resource advantages to co-build a battery swapping service eco-network. In the future, they will conduct cooperation in areas such as investment in and operation of battery swapping stations, market launch of New Energy Vehicles, after-sales services, and zero-carbon industrial parks. (From a CAES press release dated December 11, 2023)

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)

Aiways Aiways U5

In April 2022, CATL and Aiways Automobile Co., Ltd. (Aiways), a Chinese EV manufacturer, announced that it 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) 
EVOGO Modular battery swap solution service launch area (China)
 Fuzhou City, Fujian Province

In June 2023, CATL announced that EVOGO fast battery swapping stations in Fuzhou were inaugurated and commissioned. The first three EVOGO fast battery swapping stations commissioned in Fuzhou are located in Cangshan District, Jin’an District, and the Fuzhou National Hi-Tech Industrial Development Zone, respectively, and are expected to form an 8km service radius in downtown Fuzhou by the end of 2023. At the inauguration ceremony, Contemporary Amperex Energy Service Technology Ltd., which is responsible for the operations of the stations, signed strategic cooperation framework agreements on EVOGO with Sinopec Fujian Branch, State Grid Electric Vehicle Service (Fujian) Co., Ltd., and SPIC Kangfu International Leasing Co., Ltd. to jointly promote charging and battery swapping businesses with Fujian as the key cooperation area. (From a CATL press release dated June 6, 2023)

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, CATL 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)

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)

Regions in which the Qiji Energy battery swap service has started (in China)
Shandong Hi-Speed Group

CATL announced the signing of a strategic cooperation agreement with Shandong Hi-Speed Group Co., Ltd. (SDHS). According to the agreement, both parties will cooperate in New Energy areas such as heavy-duty truck battery swapping and green battery manufacturing. Qiji Energy, a CATL sub-brand for heavy-duty truck battery swapping solutions, will give full play to its advantages of innovative technologies and operation models and combine them with SDHS’s resource advantages to build a rapid battery swapping network focusing on core trunk lines in Shandong with SDHS. In the future, both parties will continue to deepen their cooperation to co-build a green trunk line transportation network, support Shandong in accelerating its energy transition, and promote the realization of China’s goals of carbon peaking and carbon neutrality. (From a CATL press release dated September 13, 2023)

Fujian Expressway Group

CATL announced that the first green logistics highway in China that allows heavy-duty trucks to swap batteries, jointly built by a CATL subsidiary and Fujian Expressway Group, has opened to traffic. Named Ningde-Xiamen Trunk Line, it is located in the Fuzhou Ring Expressway section of the Shenhai Expressway and spans a total length of about 420km. There are 4 battery swap stations along the trunk line. The Ningde-Xiamen Trunk Line integrates Qiji Swapping Electric Blocks, Qiji Battery Swap Station, and Qiji Cloud Platform, giving full play to the innovative technology and operation model of Qiji’s one-stop solution for battery swapping. Electric heavy-duty trucks travelling between Ningde and Xiamen can enjoy battery swapping and replenishment services on this trunk line. Fujian Province has a fleet of 120,000 heavy trucks. If changes in fuel prices and vehicle purchase costs are not taken into account, Qiji Energy solution will reduce logistics costs by approximately CNY 3 billion per year as well as reduce carbon emissions by 18 million tons. (From a press release dated August 24, 2023)

Dongfeng Fukang ES600 at a battery swap station in Xiamen, Fujian Province Qiji Energy battery swap station
Source: From CATL's official WeChat account and press releases

 

Other Technology Trends

Long-service-life batteries based on battery swap scenarios

CATL signed a framework agreement with NIO in Beijing to jointly promote the R&D and innovation of long-service-life batteries based on battery swap scenarios.For this partnership, the two parties will jointly discuss the R&D of long-service-life batteries. They will jointly tackle technologies, promote technology innovation, and accelerate the application of long-service-life battery solutions in battery swap scenarios.CATL will plan and develop a battery system with a longer service life for application to future NIO models. By further extending the battery service life, the system frees users from bearing the high out-of-warranty power battery replacement cost and the power battery degradation-caused vehicle price depreciation, enabling better battery swap services.(From a CATL press release dated March 14, 2024)

Qilin Battery

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)

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)

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.
VinFast, an emerging Vietnamese automaker: Based on the existing partnership in CTP (cell to pack) technology, the two companies will also cooperate in CIIC.

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.
In January 2023, Times Intelligence announced that it will build the first integrated intelligent chassis production site based on Cell to Chassis (CTC) technology in Yichun.

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.

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.

 

R&D expenses

(CNY millions)
Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2021
R&D expenses 18,356.11 15,510.45 7,691.43
Percentage of sales (%) 4.58 4.72 5.90

-The Company's R&D headcount increased by 20.78% over the previous year to 20,604. This represents 17.75% of the company's total workforce.

-The company holds 8,137 patents in China and 1,850 patents abroad. The number of patents pending in China and abroad total 19,500, a 48.44% increase over the previous year. (As of December 31, 2023)

R&D organization

-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. 

Newly established in 2023 Details
CMCC-CATL Information Energy Joint Institute

CATL announced that together with China Mobile Communications Group Co., Ltd. (China Mobile), it officially established the CMCC-CATL Information Energy Joint Institute. The joint institute will conduct R&D of core technologies covering aspects such as digital energy storage, low-carbon energy, and energy informatization. It endeavors to make breakthroughs in digital energy technology, energy storage industry standard systems, and virtual power plant operations to create an integrated product and operation system in the fields of communications and new energy in China. It will promote the energy revolution and a greener industry, contributing to the early realization of global carbon neutrality. (From a press release dated December 21, 2023)

Hong Kong Technology Innovation and R&D Center

CATL will establish its international headquarters in Hong Kong and its Hong Kong Technology Innovation and R&D Center in the Hong Kong Science Park (HKSP). Hong Kong Science and Technology Parks Corporation, the HKSP administrator, said that CATL’s Hong Kong settlement, R&D of cutting-edge energy solutions, and collaboration with the HKSP on improving supporting facilities will further promote the development of Hong Kong’s New Energy technology industry, transportation, infrastructure, and more. These will also accelerate the sustainable development of Hong Kong’s New Energy industry, help Hong Kong become an international green technology and financial center, promote the development of the local green technology ecosystem, and jointly achieve the goal of zero carbon. (From multiple press releases dated December 6, 2023)

Joint laboratory for lithium battery safety

CATL announced the holding of a ceremony for the signing of a cooperation framework agreement on a joint laboratory for lithium battery safety with the China Academy of Civil Aviation Science and Technology (CAST) in Ningde, Fujian. According to the agreement, the two parties will continuously deepen cooperation in areas such as testing and verification, policies and standards, technology innovation, establishment of an innovation ecosystem, and cultivation of talented personnel to expand their advantages in the New Energy field. (From a CATL press release dated November 20, 2023)

CATL (Chengdu) New Energy Research Institute CATL announced that it has established a wholly-owned subsidiary, CATL (Chengdu) New Energy Research Institute Co., Ltd., in Xinjin District, Chengdu. The research institute will focus on fields including the development and utilization of new energy, power batteries, new energy storage, zero-carbon transportation, and battery swap applications to conduct innovative technology research, transformation of innovations, demonstration applications of innovative products, and innovative project incubation. In the field of advanced manufacturing technology, it will focus on the research and development of manufacturing technology for lithium battery equipment materials to improve manufacturing efficiency and quality. With regard to innovations for application scenarios, it will focus on technology development in innovative applications such as energy storage and power batteries. In the field of industrial quality inspection, it will be committed to the development of high-precision detection equipment for the lithium battery industry, as well as the creation of new detection solutions. In the field of connectivity research, it will explore city-level standards for battery swap networks for passenger cars and heavy-duty trucks, and build a fast and standard battery swapping network for passenger cars and heavy-duty trucks in Sichuan Province. (From a press release dated August 28, 2023)

Partnering with OEMs

OEM Details
JAC Group

CATL announced the establishment of a strategic partnership with JAC Group. According to the agreement, the two parties will conduct cooperation in areas such as supply of power batteries, introduction of battery swapping technologies, co-development and application of new technologies and products, expansion of domestic and foreign markets, and carbon emission reduction for the industrial chain. Concerning power batteries, CATL will provide JAC Group with new technologies and products for power batteries, perfect production-sales-R&D coordination services, and technologies deeply integrating finished vehicle platforms and batteries to co-develop competitive New Energy models. In terms of technology cooperation, both parties will establish a joint R&D team for the co-development and application of new technologies and products. They will jointly promote the introduction of the CIIC (CATL Integrated Intelligent Chassis) technology, determine models applicable to this technology, and formulate cooperation schemes and development plans as needed. (From a CATL press release dated January 7, 2024)

M-Hero Technology

CATL announced the signing of a three-year strategic cooperation agreement with M-Hero Technology, a Dongfeng Motor subsidiary.

As M-Hero Technology’s preferred partner for power batteries, CATL will fully support M-Hero Technology in developing and manufacturing finished vehicles and provide the automaker with competitive power battery products and services.

In addition, both parties will cooperate closely in areas such as development of new batteries, application of the Shenxing Superfast Charging Battery, projects on technology innovation, and market promotion. The M-Hero 917 SUV to be launched will come with a “CATL Inside” sign.

(From a CATL press release dated January 4, 2024)

Stellantis Stellantis signed a non-binding MoU with CATL for local supply of LFP battery cells and modules in Europe. The collaboration aims to power Stellantis’ EV production, with a potential joint venture (JV) being explored. The MoU outlines a long-term partnership focused on technology advancements for BEVs and strengthening the battery value chain. LFP technology, known for its extended service life and high thermal stability, positions Stellantis to provide durable and affordable electric vehicles in the B and C segments. (Based on Stellantis press release on November 21, 2023)
Shaanxi Automobile Holding Group Co., Ltd. CATL announced the signing of a 10-year strategic cooperation agreement with Shaanxi Automobile Holding Group Co., Ltd. (Shaanxi Auto). The two parties will promote the development of and improve the standards for commercial vehicle battery technologies. Concurrently, they will provide global commercial vehicle customers with more competitive, more quality-assured products by opening up the industrial chain further and combining the upstream technology R&D strength and the downstream market demand. (From a CATL press release dated August 19, 2023)
BAIC Group CATL announced that it signed a strategic cooperation agreement on business cooperation and advanced technology development with Beijing Automotive Group Co., Ltd. (BAIC Group). The two companies plan to jointly develop power battery products and explore the NEV (New Energy Vehicle) market. According to the agreement, CATL will be deeply integrated into the vehicle development and production of NEVs bearing BAIC Group’s indigenous brands, and provide competitive power battery products and services. (From a press release dated March 14, 2023)
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)

Strategic partnership

Business partner Details
Sinopec

CATL signed a strategic cooperation framework agreement with Sinopec (China Petroleum & Chemical Corporation) in Beijing to jointly promote the demonstration application of photovoltaic power generation-energy storage-charging integrated micro grid technology.

Through a joint venture, the two parties will accelerate the launch of passenger vehicle battery swapping operations and explore the feasibility of swapping batteries for commercial vehicles at comprehensive energy stations. For technology innovation, the two parties will jointly promote the formulation and revision of relevant standards for battery applications such as energy storage and battery swapping.

They will jointly study the measurement methodology for the full-lifecycle carbon footprint of petrochemical products and reliable data. For energy storage, the two parties will cooperate in areas such as industrial and commercial energy storage, energy storage and power supply for refining and chemical companies, and power supply from energy storage as an alternative to diesel generators. In the future, the two parties will leverage their respective advantages to contribute more to the green, low-carbon, and high-quality development of the energy industry.

(From a CATL press release dated March 14, 2024)

DiDi

CATL announced the official establishment of a battery swapping joint venture (JV) with DiDi Chuxing Technology Co., Ltd. (DiDi Chuxing). The JV will provide battery swapping services for New Energy Vehicles in the online ride-hailing industry.

In addition to establishing the JV, CATL formed a strategic partnership with Orange Energy, a DiDi Chuxing subsidiary, to promote cooperation in more extensive New Energy areas such as energy storage-charging integration. Orange Energy is engaged in multiple fields such as Internet refueling, intelligent charging, virtual plants, power trade, ancillary power services, and corporate services. 

(From a CATL press release dated January 28, 2024)

BITC

Fraunhofer IKTS announced that its Battery Innovation and Technology Center (BITC) has collaborated with CATL, to develop models at the Erfurter Kreuz site to predict battery lifetimes. The data will optimize battery production. The collaboration, which began with the "BattLife" project in 2020, now continues and expands under "BattForce" project until 2027. The project will focus on battery swelling, a critical factor in battery life. The test center will be expanded and equipped with new technology to facilitate data collection for this purpose. With support from the Free State of Thuringia (Germany), a high-end test facility was set up at the CATL plant in Erfurter Kreuz during the "BattLife" project. It simulates various environmental conditions, allowing experts at Fraunhofer IKTS to analyze and evaluate data. (Based on Fraunhofer IKTS press release on October 23, 2023)

Putailai

Shanghai Putailai New Energy Technology Co., Ltd. (Putailai) announced the signing of a strategic cooperation agreement with CATL establishing a long-term cooperation mechanism for composite copper foil current collector business. The two parties will cooperate in the R&D, manufacturing, promotion, sales, and application of composite copper foil current collectors in the New Energy Vehicle (NEV) lithium battery field and co-develop domestic and overseas NEV markets. The agreement is valid until June 30, 2029. (From a Putailai press release dated October 10, 2023)

Arun Plus

CATL announced that it signed a MoU (memorandum of understanding) with Thailand’s Arun Plus for cooperation in battery business in ASEAN (Association of Southeast Asian Nations) markets. Under the agreement, CATL will authorize Arun Plus to use its CTP (cell-to-pack) technology, so as to boost the application of this technology in Thailand and even worldwide. Arun Plus is a wholly-owned subsidiary of Thailand's state-owned oil supplier PTT Public Company Limited (PTT). Under the agreement, Arun Plus and CATL will provide batteries for Horizon Plus and other EV brands. Horizon Plus, a joint venture between Arun Plus and Foxconn, plans to produce EVs in Thailand in 2024. (From a press release dated May 13, 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)

 

Alliances with government and related organizations on New Energy

Partner Details
Government of Sichuan Province

CATL announced the signing of an agreement on comprehensively deepening strategic cooperation with the People’s Government of Sichuan Province in Chengdu.

According to the agreement, the two parties will further expand cooperation areas, deepen cooperation models, and improve cooperation mechanisms. They will strengthen cooperation in areas such as development of green energy, development of new energy storage, and construction of zero-carbon parks.

They will jointly facilitate the development and utilization of lithium ore resources to push ahead with the construction of the CATL Southwest China Regional Headquarters. Since the 2019 establishment of Sichuan Contemporary Amperex Technology Ltd., a wholly-owned subsidiary, CATL has invested in and implemented several major New Energy projects in regions such as Yibin, Chengdu, and Ganzi.

(From a CATL press release dated February 3, 2024)

Aneka Tambang

Announced on December 29, 2023, the Indonesian Coordinating Minister for Maritime and Investment Affairs congratulated PT Aneka Tambang Tbk (ANTAM), HongKong CBL Limited (ANTAM), and Indonesia Battery Corporation (IBC) on their collaborative investment in the supply chain of the lithium battery ecosystem in Indonesia.

According to the minister, this is the first in the world, covering stages from nickel mining to giga factory battery cells and packs, as well as recycling.

Meanwhile, the Indonesian Minister of Investment/Head of Investment Coordinating Board (BKPM) said this investment was not a trivial investment, as the value was quite large (up to around IDR 80-90 trillion). He also added that attention needs to be paid to the environment in detail.

Chinese battery giant CATL announced in April 2022 that its subsidiary, CBL, will join hands with Antam and IBC to develop an EV battery integration project in Indonesia, covering nickel mining, EV battery materials, EV battery production and battery recycling.

(From Indonesian Ministry of Energy and Mineral Resources release on December 29, 2023 and an article of Paul Tan on December 28, 2023)

Government of Zhaoqing Municipality CATL announced the signing of a comprehensive cooperation agreement with the People’s Government of Zhaoqing Municipality. The two parties will conduct all-round cooperation in areas such as integrated application of New Energy, development of green electricity, and manufacturing to benchmark projects for the development of the New Energy industry and accelerate the establishment of a CNY50-billion-range industrial cluster for power batteries and energy storage batteries. (From a CATL press release dated October 11, 2023)
Dongguan government of Guangdong Province CATL announced that it signed a strategic cooperation framework agreement with the Dongguan government of Guangdong Province. Both parties will work together to promote the development of a green and low-carbon economy with Dongguan as a pilot area. Upon the signing of the agreement, the two parties will continue to deepen cooperation, accelerate the promotion of new energy and new materials, and explore and develop new products and models, to facilitate the transformation and upgrading of Dongguan’s manufacturing industry. (From a press release dated September 8, 2023)
Shenzhen Municipal People’s Government CATL announced the signing of a strategic cooperation framework agreement with the Shenzhen Municipal People’s Government. The two parties will focus on such key fields as New Energy Vehicle battery swapping, electric ships, new energy storage, green parks, financial services, and trade for all-round cooperation. (From a CATL press release dated June 17, 2023)
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)

  

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 2023, the production capacity was 552GWh.

  Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2021
Production capacity 552 390 170
Production output 100 325 162
Utilization rate 70.47% 83% 95%
Additional production capacity under construction 389 152 140

  

New plants

Location Area
(1,000 m2)
Investment Production capacity Products Details 
Beijing - - - Cells

The People’s Government of Beijing Municipality issued a list of key government tasks for 2024, proposing the follows: implementing a batch of demonstration projects such as establishment of a new power system; promoting the high-quality development of the New Energy Vehicle industry; actively developing industrial chains for key components such as motors, batteries, electronic controllers, and automotive-grade chips; improving the cluster development level of the auto industry; and encouraging and supporting auto exports. Also mentioned are accelerating the construction of a solid-state lithium-ion battery industrialization project of Beijing WeLion New Energy Technology Co., Ltd. and promoting the groundbreaking of the first phase of a CATL cell plant. (From a People’s Government of Beijing Municipality press release dated February 1, 2024)

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.

-The first standard battery cell of CATL Changan Power Battery Co., Ltd. (CATL Changan) officially rolled off the production line in Sanjiang New Area, Yibin, Sichuan, marking that the joint power battery project among CATL, Changan Auto, and Deepal has officially gone into production. Located in Yibin, Sichuan, and jointly established by CATL, Changan Auto, and Deepal with a total investment amount of CNY 6 billion, CATL Changan is a technological manufacturing company integrating the R&D, manufacturing, and sales of emerging energy technologies and new material technologies. (From a CATL Changan press release dated November 25, 2023)

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

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

Invest in Thuringia announced that CATL is building its first battery cell manufacturing facility outside of China in the industry park “Erfurter Kreuz” and officially launched its local production of lithium-ion cells at the end of January 2023. After delays caused by Corona, production was set up according to plan. Production initially started on two module lines, and by the end of 2023, the planned six lines are scheduled to go into operation, generating an output of 24 GWh/a. In the meantime, the number of employees has grown to around 1,000. CATL is investing around EUR 2 billion in what is currently Europe’s largest cell production facility; up to 2,000 jobs will be created. (From a press release dated May 5, 2023)

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 - -

MarkLines Customer Support

9:00 a.m. - 5:30 p.m. Mon.-Fri. (excluding national holidays)
japan Japan
Nagata-cho, Chiyoda-ku, Tokyo, Japan
+81-3-4241-3907
USA USA
Southfield, Michigan, USA
+1-248-327-6987
MEX Mexico
León Guanajuato, Mexico
+52-477-796-0560
DEU Germany
Frankfurt am Main, Germany
+49-69–904-3870-0
CHN China (Shanghai)
Huangpu District, Shanghai, China
+86-21-6212-6562
CHN China (Shenzhen)
Nanshan District, Shenzhen, Guangdong
+86-755-2267-1725
THA Thailand
Klongtoey, Bangkok, Thailand
+66-2-665-2840
IND India
Gurgaon, Haryana, India
+91-124-4048779