Cover Story: How China’s EV Battery King Is Defending Its Throne

Contemporary Amperex Technology Co. Ltd. (300750.SZ), known as CATL, is clearly a darling of investors betting on the future of electric vehicles and energy storage in the global economy’s green transition.

Established 10 years ago, the battery maker has grown into the third-most valuable publicly traded company in China behind national liquor maker Kweichow Moutai and Industrial and Commercial Bank of China. CATL’s Shenzhen stock closed at 651.19 yuan ($102.16) a share Friday, giving it a market value of 1.52 trillion yuan ($238.45 billion). The valuation has increased 1.6 times since the beginning of the year and 6.4 times from early 2020.