CATL Sell-Off Wipes Out Billions of Dollars of Market Value
Skyrocketing material costs shook the stock of Contemporary Amperex Technology Co. Ltd. (CATL) as investors wiped billions of dollars off the value of the world's largest electric-vehicle battery manufacturer.
Shenzhen-traded CATL’s stock tumbled 7.55% Wednesday to close at 407 yuan ($63.60) apiece, erasing 77.4 billion yuan of the company’s valuation in a single day. CATL’s market value stood at 948.7 billion yuan after the Wednesday close, the first time in nearly a year it was less than 1 trillion yuan.
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