China’s heavy truck sales are expected to experience a significant shift towards electric vehicles (EVs), with projections indicating that EVs could account for half of the market by 2028.
This anticipated increase from just 10% in 2024 was reported by Reuters, citing CATL chairman.
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CATL has recently launched a 60 gigawatt-hour energy storage and EV battery production base in Shandong, marking the company’s first such facility in northern China.
The addition of a second and third phase over the next two years is set to create a substantial energy industry battery cluster in the region.
The local government of Shandong has ambitious plans to develop a 100bn yuan ($14bn) lithium battery industry by the end of the year.
This industry will encompass a wide range of components including electrode materials, electrolytes, battery cells, and assembly.
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By GlobalDataIn a significant move towards diversifying its product range, CATL unveiled a series of innovative battery products in April.
The Super Tech Day event showcased the Freevoy dual-power battery, the Naxtra sodium-ion battery, and the second-generation Shenxing superfast charging battery.
An integrated 24V start/stop Naxtra battery designed specifically for heavy-duty trucks was also introduced.
As of May, CATL is preparing for a substantial Hong Kong listing, with expectations to raise at least HK$31.01bn.
The company plans to offer 117.9 million shares, with the potential for the listing to increase to approximately $5.3bn if additional options are exercised.
Following the announcement, CATL’s shares in Shenzhen saw a 3.6% rise, outperforming the CSI300 index.
