Summary
The world's largest electric vehicle battery maker, China's CATL, began trading on the Hong Kong Stock Exchange with a successful debut, raising nearly $4.55 billion. The company supplies major car manufacturers and continues to expand its global operations.
Key Facts
- CATL started trading on the Hong Kong Stock Exchange in the largest initial public offering (IPO) of the year.
- The company raised about HK$35.7 billion ($4.55 billion) from the IPO.
- CATL supplies batteries to major automakers like Tesla, Volkswagen, and Toyota.
- CATL’s shares increased by more than 10% when the market opened.
- The US Department of Defense added CATL to a list of companies it says are linked to China's military, which CATL denies.
- CATL employs over 100,000 people and has 13 production plants worldwide.
- The company is building a second European factory in Hungary and planning a new plant in Spain.
- CATL recently introduced a fast-charging battery that can achieve 323 miles of range in five minutes.
