By Mark Andrews
Cheung Kong Graduate School of Business Knowledge.
The driving force behind China’s massive shift to electric vehicles (EV) is a company that many outside the industry have never even heard of. Despite its muted reputation, Contemporary Amperex Technology (CATL) batteries power half of Chinese new energy vehicles (NEVs), of which there were 3.3 million in 2021 alone, and the company is by far the world’s largest EV battery manufacturer, with a massive 32.6% market share.
But more than that, the company is one of the biggest spenders on R&D in the industry and is at the cutting edge of new EV battery technologies, offering a wide range of batteries to a diverse range of customers, including Tesla, Kia and BMW.
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