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Chinese electric vehicle (EV) producer Contemporary Amperex Technology (CATL) [300750:CH] plans to build its first plant in Beijing, as reported by the South China Morning Post on January 15. According to a document published by the Beijing Municipal Commission of Development and Reform, CATL’s new factory would shore up the new energy vehicle (NEV) supply chain in Beijing, which is making efforts to become a regional EV production hub. However, the statement did not provide any details about the factory’s capacity or launch date. Analysts said CATL’s new plant would benefit many NEV makers in Beijing, such as premium EV manufacturer Li Auto [LI:US], BAIC Group [1968:HK], and smartphone maker Xiaomi [1810:HK], a new entrant of China’s EV market.
As the world’s largest battery manufacturer, CATL delivered 233.4 gigawatt-hours (GWh) of batteries in the first 11 months of 2023, accounting for a 37.4% share of the global market. The Beijing factory is expected to become the CATL’s 14th factory worldwide. However, the company is grappling with overcapacity amid China’s EV market nearing saturation. In the first half of 2023, CATL recorded a capacity utilization rate of 61%, a significant decrease from that of 80% during the same period of the previous year. UBS analyst Paul Gong forecasted that only 10 to 12 players would survive the intensely competitive mainland EV market by 2030.
Sources：
Beijing’s government says CATL to build factory in the capital
