Article content
(Bloomberg) — Chinese President Xi Jinping praised and at the same time raised concern about battery maker Contemporary Amperex Technology Co. Ltd. at a meeting with delegates during annual national meetings in Beijing.
Article content
Xi expressed “both joy and worry” about CATL ranking as the world’s biggest cell maker for six-straight years, Xinhua News Agency reported Tuesday, saying the company has a global market share of 37%.
Article content
“The good news is that our industry has come to the forefront of the world. The worry is that I am afraid of a big boom, first rushing up, and finally dispersing,” the news agency cited Xi as saying.
Xi, poised to start a third term as China’s leader and consolidate his rule, said the growth of emerging industries should be well planned and closely assessed for risk. He said companies must balance development with security.
CATL didn’t immediately respond to a request for comment. The company is based in Ningde, Fujian — the province where Xi was once governor.
Article content
China has emerged as a dominant force in electric-vehicle battery making, with BYD Co. in second place in terms of global market share, ahead of South Korea’s LG Energy Solution Ltd., Panasonic Holdings Corp. and Samsung SDI Co., according to January figures from SNE Research Inc.
Chinese authorities are scrutinizing a CATL agreement with Ford Motor Co. to work together on battery making in the US, concerned that core technology could be accessed by the American automaker, Bloomberg News has reported. The Biden administration is also nearing completion of an order that would restrict US investments in parts of the Chinese economy.
CATL’s shares slipped 1.5% on Tuesday.
—With assistance from Chunying Zhang and Linda Lew.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
