On Thursday, Jiemian News reported that Chinese battery maker Contemporary Amperex Technology Co., Ltd. (CATL) had resumed production at its factory in Shanghai on Monday. The factory manufactures power battery modules.
The news follows the reopening of Tesla’s Shanghai Gigafactory on Tuesday, which is located in Lingang New Area. About 8,000 employees returned to their posts to resume work and production. In addition, Tesla said that it was making every effort to coordinate the upstream and downstream industrial chains of parts to support the resumption of work and production.
In the time being, CATL has seen its stock price sink considerably, which now sits at 409.11 yuan ($63.5). Its market value fell below 1 trillion yuan. This is the first time the company’s valuation has fallen below one trillion yuan since it exceeded that number in May last year.
CATL released its 2021 annual performance report in January this year, disclosing detailed information on last year’s performance. The report showed the net profit attributable to shareholders of listed companies was expected to reach between 14 billion and 16.5 billion in 2021, up by 150.75%-195.52% over the same period of 2020.
According to data from the China Automotive Power Battery Industry Innovation Alliance, in the first quarter of 2022, the power battery-mounted vehicles provided by CATL reached 25.51GWh, accounting for 49.75% of the national total. CATL remains on top among Chinese battery enterprises.
CATL has progressed well in its market expansion in April. Its first overseas plant in Germany received a license for 8GWh of battery cell capacity. Further, it has officially launched a power battery industry chain project in Indonesia, with an investment of nearly $6 billion. Finally, the company’s EVOGO power exchange service was officially put into use in Xiamen for which the first batch of four quick-change stations were completed.