Chinese EV battery giant CATL gets warm welcome on IPO
Published: 05:06 20 May 2025 EDT
Tesla and Volkswagen battery maker Contemporary Amperex Technology Co Limited – better known as CATL – has received a warm welcome as it completed its initial public offer in Hong Kong.
The world's largest electric vehicle battery maker raised HK$35.7 billion ($4.55 billion) in the IPO, making its the largest in the world so far this year.
On its first day's dealings, the shares jumped 16% from their HK$263 IPO price to HK$306.
CATL, which supplied 38% of all EV batteries sold worldwide last year, said in the run-up to its listing that most of the new funds will be used for building a new factory in Hungary to supply clients including VW, Stellantis and BMW.
The company has been was closely watched as the US-China tariff war upended the global trading system and hit carmakers hard.
Last month, the company unveiled its new Shenxing 'supercharging' battery that it said can be charged for 323 miles in just a five-minute pit stop, with the new battery cell also offering a 500-mile range on a full charge.
The battery will be installed in over 67 EV models this year, said the company, which has also launched a new sodium-ion battery that is seen as a more affordable and safer alternative to lithium and lead-acid based batteries.
