Caixin
Apr 21, 2022 06:58 AM
BUSINESS

CATL Sell-Off Wipes Out Billions of Dollars of Market Value

CATL’s market cap exceeded 1 trillion yuan in May 2021 and surged as high as 1.6 trillion yuan in December.
CATL’s market cap exceeded 1 trillion yuan in May 2021 and surged as high as 1.6 trillion yuan in December.

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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