CATL

Company Profile and Market Insights

Explore the business model, global strategy, and market performance including insights into its position in China.

Key facts

Founded 2011 • Listed SZSE 2018 • Listed HKEX 2025 • Stock codes 300750 (CNY) and 3750 (HKD)

RMB 362,0 bn

Revenue FY 2024

RMB 50,7 bn

Net profit FY 2024

38,0%

Global EV battery share (2024)

45,1%

China power battery share (2024)

22,4%

Energy storage share of shipments (2024)

676 GWh

Production capacity reported for 2024

About

CATL (Contemporary Amperex Technology Co., Limited), founded in 2011 and headquartered in Ningde, China, focuses on lithium-ion batteries for electric vehicles and energy storage systems. By installed EV battery capacity, it remained the world’s largest supplier in 2024 with about 38% global share, based on SNE Research data reported by multiple outlets.

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CATL positions itself as a new-energy technology company providing battery solutions and services for mobility and stationary storage. It supplies major automakers including Tesla, BMW, Volkswagen, Toyota, and others, which makes it a core upstream partner in the EV supply chain.

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International expansion is moving from exports to local manufacturing. CATL began operations at its first overseas cell plant in Thuringia, Germany in early 2023, and its Debrecen, Hungary gigafactory is expected to start serial production in spring 2026. Proceeds from CATL’s 2025 Hong Kong listing were directed in part toward funding the Hungary build-out.

Business Model and Market Position

CATL earns revenue mainly from battery systems sold to automakers and energy storage customers, supported by services across the battery lifecycle. Its operating model integrates R&D, cell and pack manufacturing, and end-of-life recovery through its recycling ecosystem, including its Brunp subsidiary.

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A defining feature is scale. In its 2025 filing materials, CATL reported 676 GWh of production capacity in 2024, alongside a global manufacturing footprint and broad customer coverage. Upstream supply security comes from long-term procurement and equity-linked projects, including an Indonesia battery integration project that spans nickel, materials, battery manufacturing, and recycling.

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Core activities include:

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EV batteries:
High-volume supply across LFP and NCM chemistries, designed to meet cost, safety, and performance targets for mass-market and premium vehicles.
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Energy storage batteries:
Cells and systems for grid and commercial storage, with growth that helped lift energy storage deliveries to 22.4% of total shipments in 2024, according to Reuters.
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Technology and lifecycle services:
Product platforms such as Shenxing fast-charging batteries and sodium-ion Naxtra, plus recycling and closed-loop material recovery.
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CATL’s market position rests on installed-base leadership and customer lock-in driven by qualification cycles. SNE Research data places CATL at about 38% share in the combined EV and ESS battery market in 2024.

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Performance in China

China remains CATL’s core profit pool and scale engine. In 2024, CATL ranked first in China’s power battery installed capacity with 246.01 GWh and a 45.08% share, based on CABIA data cited by industry reporting. In November 2025, its monthly share stood at 43.71% as China’s power battery installations hit a record 93.5 GWh.

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Key domestic drivers include:

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OEM embed and platforms:
CATL supplies a wide mix of local and foreign-led production in China and is expanding into charging-adjacent infrastructure, including battery swapping through its tie-up with NIO and the related Nio Power discussions.
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Energy storage pull:
China targets 180 GW of new energy storage by 2027, backed by a national plan and growing provincial incentives, which lifts demand for CATL’s storage cells and systems.
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Pricing pressure:
China’s EV price war pushed battery prices down and weighed on revenue even as volumes grew.

Growth and Future Prospects

CATL’s next phase builds on two demand engines, EV batteries and grid-scale energy storage. In 2024, energy storage deliveries grew faster than EV batteries and reached 22.4% of CATL’s total shipments. China’s power market reforms and the global buildout of data centers are also lifting demand for storage batteries, which supports volume growth beyond passenger EV cycles.

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Key growth drivers include:

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Faster product cycles in mass-market chemistries:
CATL is scaling fast-charging LFP through Shenxing, and it launched its Naxtra sodium-ion battery brand with mass production scheduled for December 2025.
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Next-generation R&D with a clear timeline:
CATL’s founder has said the company targets a limited rollout of solid-state technology in 2027, backed by a large dedicated research team.
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Local manufacturing in Europe:
CATL plans to start production at its Debrecen, Hungary plant by early 2026, with an announced annual capacity target of 100 GWh, and it continues ramping its Germany operations.
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Funding for expansion:
CATL raised about $4.6 billion in its Hong Kong listing in May 2025, with funding linked to overseas build-out.
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Challenges ahead include:

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Pricing pressure:
A prolonged EV price war in China has pushed battery prices down and weighed on revenue growth even as volumes increased.
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Policy and geopolitics:
The U.S. Defense Department added CATL to its “Chinese military company” list in January 2025, which raises compliance and reputation friction with Western partners. U.S. EV tax credit rules also tighten eligibility for vehicles tied to “foreign entities of concern,” which influences supply chain choices.
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Execution risk in Europe:
Building large plants on schedule while demand fluctuates in Europe will shape near-term returns on invested capital.

This Company Profile was written by Dominik Diemer

Dominik Diemer blends an investor mindset with execution discipline.

He is a SAFe Program Consultant (SPC) and Lean Portfolio Management (LPM) practitioner at DMG MORI Digital, working as a SAFe Release Train Engineer and internal consultant in the Lean-Agile Center of Excellence (LACE).

His focus is prioritization, flow, and dependency management that turns strategy into outcomes. With experience across Bertelsmann and the Founders Foundation, he bridges corporate and startup thinking.

He also invests privately in private equity deals, sharpening his view on business models, value drivers, and go-to-market.

StockCounterParts reflects that lens.

Dominik Diemer

Founder of StockCounterparts.com