Jun 06, 2023 05:12 AM

BUSINESS

CATL Shares Nosedive Amid Speculation on Weakened Tesla Tie

By An Limin and Han Wei

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In 2022, CATL’s sales to Tesla exceeded 38 billion yuan, accounting for 11.6% of the Chinese battery maker’s total sales

In 2022, CATL’s sales to Tesla exceeded 38 billion yuan, accounting for 11.6% of the Chinese battery maker’s total sales

Shares of Contemporary Amperex Technology Co. Ltd. (CATL), the world’s top maker of electric vehicle batteries, plunged in Shenzhen on speculation that new American rules on EV subsidies undermined its relationship with top client Tesla Inc.

The stock took a nosedive Monday after trading started. It closed down 3.8% at 219.8 yuan ($31) a share, paring back a drop of more than 5% in the morning.

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