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.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
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.
