CATL
Global Strategy and Innovation in the World’s Leading EV Battery
Producer
Cosimo Antonio D’Agnano 22520779
Abstract
In this paper, I examine Contemporary Amperex Technology Co. Limited, abbreviated as
CATL (宁德时代新能源科技股份有限公司), the world’s leading electric vehicle (EV) battery
manufacturer, with a focus on its global strategy and innovation practices. After a brief
introduction, I analyze CATL’s global strategy, including its partnerships with international
automakers and control over the upstream battery supply chain. Then, I discuss company’s
innovation strategy, emphasizing its leadership in lithium iron phosphate. I also evaluate CATL’s
financial performance, with a focus on its sustainability. This study shows how CATL has become
not only a leading company in China’s EV Industry but also a driver of global energy transition.
Introduction
Nowadays, most people are familiar with the quality of Chinese Batteries. However, just
a few of them realize that this industry has deep roots in China. In fact, in 1992, 钱学森, known
as the father of China’s missile program, wrote directly to the government arguing that China
should abandon the pursuit of catching up in internal combustion vehicles and instead invest
directly in electric vehicles 1. China’s choice was not only technological but also “strategic”: The
According to Simone Pieranni, Qian Xuesen wrote a letter in 1992 to Vice Premier Zhou Jiahua,
urging China to skip the development of internal combustion vehicles and invest directly in electric vehicles.
1
1
country possessed significant reserves of rare earths and critical material for battery production.
“Science has no borders, scientists have a motherland”2. So, the rapid rise of companies such as
CATL can therefore be seen not as a coincidence, but the result of strategic direction that was set
decades ago. Indeed, CATL can still be seen as an underdog when compared to other companies.
Panasonic, for example, carries more than a century of history, while BYD benefits from the
backing of Warren Buffett. Even without such advantages, CATL has managed to rise and become
the world’s largest producer of lithium-ion batteries, capturing 38.1% of the global market and
making the only manufacturer with a market share above 30% 3.
Figure 1Phate Zhang, Global EV battery market share in Jan-May 2025, Cnevpost, Jul 3, 2025.
https://cnevpost.com/2025/07/03/global-ev-battery-share-jan-may-2025/
Nevertheless, CATL's origins were not initially in EV batteries. Its story began in 1999
when Robin Zeng Yuqun (曾毓群), after acquiring a license from the US, founded ATL to produce
batteries for consumer electronics like laptops and MP3 players. Then, in 2005, the Japanese firm
TDK acquired ATL, which introduced a disciplined operational approach. During this period,
Huang Shilin (黄 世 林), then ATL's second-in-command, began to explore the potential of
batteries for electric vehicles but at that time the company wasn’t well prepared. This situation
led to a strategic vision: investing millions in established a dedicated department and acquiring
technology licenses from the USA 4 . Afterwards, in 2009, the opportunity. The Chinese
government launched the “10 cities, thousands vehicles” program and, over the next 10 years, the
See: Simone Pieranni, Tecnocina, Storia della Tecnologia Cinese dal 1949 ad Oggi, ADD Editore, Oct 20
2023, p. 43.
2
XI JINPING, Speech at the Symposium of Scientists, People's Daily-People's Daily, September 11
2020.
3
RYAN FISHER, CATL Maintains Top Spot in Global EV Battery Market with 38.1% Share; BYD
Follows at 17.4% in Jan–May 202, EVMAGZ, July 4 2025.
4
AKSHAT RATHI, The inside story of how CATL became the world’s largest electric-vehicle battery
company, QUARTZ, July 21 2022.
2
Chinese government pushed for the adoption of EVs. After two years, Huang and Zeng spun out
ATL’s electric-car battery into CATL5. The same year, 1000 electric cars were sold in China. Then,
in 2018 the turning point: sales surged to over 1.25 million in 2018, effectively making China the
world's largest EV market, surpassing the rest of the world combined in that year6. This allowed
CATL to surpass Panasonic and become the world's largest EV battery supplier by installed
capacity. A position solidifies with the listing on the SZSE.
Global Strategies and Innovation Strategy
Turning to CATL’s global strategy, it cannot be understood without considering the role
of Chinese industrial policy, which first fueled the company with subsidies, and later pushed it to
compete on the global stage. However, it’s important to note that receiving subsidies in China is
not simply a matter of favoritism. Companies are not “picking winners”, they must first succeed
in brutal domestic competition and demonstrate their capabilities. This means that firms like
CATL did not merely benefit from policies, but also proved their strength in order to qualify for
it.
In 2015, China’s Ministry of industry and Information Technology (MIIT) approved a socalled Standard Conditions for the Automobile Power Storage Battery Industry, which basically
says that only the NEVs that used batteries offered by suppliers included on the “white list” were
qualified to enter the Catalogue of Recommended Models for the Project of New Energy
Automobile Popularization and Application7. So, only cars running on batteries bought from a
Chinese supplier would qualify for government subsidies. This policy served as a powerful barrier
to entry for foreign battery makers and incentivized CATL to scale up rapidly to meet the required
standards. However, the impact of this policy extended beyond China: the share of EV models
outside China using Chinese batteries rose from nearly zero in 2016 to 4% in 2019, then surged
to 11% in 2020 — and has grown ever since8.
At that time, BMW and its joint-venture partner Brillance were looking for a domestic
battery supplier to be eligible for government subsidies. There were just BYD and CATL, but it
turned out that that BYD wasn’t interested in supplying batteries to other companies, so BMW
5
A. RATHI, The inside story of how CATL became the world’s largest electric-vehicle battery
company.
International Energy Agency (IEA), Global EV Outlook 2019, IEA, Paris, 2019.
MONIKA, China Annuls “White list” of recommended EV battery suppliers MIIT, Gasgoo China
Automotive News, June 25 2019.
8
PANLE JIA BARWICK, HYUK-SOO KWON, SHANJUN LI & NAHIM B. ZAHUR, Drive Down the Cost:
Learning by Doing and Government Policies in the Global EV Battery Industry, National Bureau of
Economic Research (NBER), August 2025.
6
7
3
chose to work with CATL. Nevertheless, unlike standard AA or AAA batteries, which are
interchangeable regardless of the manufacturer, batteries for electric vehicles must be tailored to
the specifications of each car model. This customization requires close collaboration between the
automaker’s engineers and those of the battery supplier, involving the exchange of technical
standards, design requirements, and production processes. In working with BMW on the Zinoro
project, CATL was able to incorporate elements of German engineering into its own capabilities.
“We have learned a lot from BMW, and now we have become one of the top battery manufacturers
globally,” Zeng said at the 2016 Zinoro plug-in hybrid launch event. “The high standards and
demands from BMW have helped us to grow fast.”9. In 2019, CATL began building Germany’s
first car battery factory, getting ahead of the country’s own auto industry.
However, this expansion does not come at just any moment. In fact, in 2019 MIIT
officially abolished the “white list” of battery suppliers. So, with subsidy support reduced, CATL
accelerated its overseas expansion. “When the typhoon comes, the pig will fly.” The pig, in this
case, was the company; the strong winds of the typhoon were government subsidies; and the
worry was that when the subsidies (aka the typhoon) dissipated, the company (aka the pig) would
no longer be able to fly10. Zeng, as the leader of CATL, had anticipated the phase-out of subsidies
by diversifying its revenue streams. Although China remains the largest market for electric
vehicles, demand in Europe and the United States has been growing steadily. To offset potential
slowdowns in domestic sales as subsidies decline, CATL is increasingly relying on international
orders to sustain its growth. As a result, over the last few years, CATL has established offices in
France, Germany, Canada, Japan, and the US. In 2017, it acquired Finland’s Valmet Automotive,
which supplies parts, including batteries, to the likes of Mercedes-Benz, Porsche, and
Lamborghini. And last month it began construction of a gigafactory in Erfurt, Germany.
In parallel with its European expansion, CATL secured one of the most important
milestones in its global strategy: a partnership with Tesla. In 2020, CATL became an official
supplier of lithium iron phosphate (LFP) batteries for the Tesla Model 3 produced at the
company’s Gigafactory in Shanghai11.This agreement was strategically significant for both sides.
For Tesla, sourcing batteries from CATL allowed it to reduce costs and diversify away from
reliance on Panasonic and LG Chem, while also benefiting from CATL’s expertise in LFP
chemistry, which offered a cheaper and safer alternative for standard-range vehicles. For CATL,
9
A. RATHI, The inside story of how CATL became the world’s largest electric-vehicle battery
company.
10
11
IBIDEM.
Bloomberg, Tesla taps China’s CATL to supply batteries for Shanghai-made cars, February 3
2020.
4
the deal represented a breakthrough into the global premium EV market, granting legitimacy in
the eyes of international investors and customers. Beyond China, the partnership expanded: in
2022, Tesla announced it would use CATL batteries in its Model 3 and Model Y vehicles sold in
Europe12, cementing CATL’s role as a key supplier in Tesla’s global production network.
Figure 2Global locations of CATL factories. Source: Contemporary Amperex Technology Co., Limited (CATL), “Company Profile,”
https://www.catl.com/en/about/profile/
However, this expansion has not come without regulatory headwinds. In the United States,
CATL has been affected by new rules under the Inflation Reduction Act (IRA) that impose strict
requirements on the source and origin of battery components and raw materials. These “rules of
origin” criteria limit the subsidies available to vehicles whose batteries or critical minerals are
sourced from jurisdictions considered “Foreign Entities of Concern,” which includes China. As a
result, CATL faces the risk that its products—or its partners’ products—may not qualify for
federal incentives, complicating entry into the U.S. market (see China complains about US
electric car subsidies—Electrive, 2024)13. In the European Union, CATL must navigate a maze
of policy changes and trade barriers. The EU has initiated anti-subsidy investigations into imports
of Chinese electric vehicles and battery components, resulting in provisional tariffs on certain EV
and battery imports. Also, the EU is implementing stricter carbon footprint regulations for
batteries, known as the Battery Regulation, which requires producers to meet reporting,
12
ZHANG YAN, BRENDA GOH, CHRISTINA AMANN, EDWINA GIBBS, Exclusive: China's EVE to
supply BMW with large Tesla-like cylindrical batteries in Europe, Reuters, 17 August 2022.
13
CHRIS RANDALL, China complains about US electric car subsidies, Electrive, 27 March, 2024.
5
environmental, and local content thresholds. Because much of China’s electricity generation still
depends on coal, meeting these standards is challenging and increases the cost of doing business
for CATL14. These regulatory pressures have pushed CATL to adapt its global strategy: building
factories in Europe (so production is partially local), forming joint ventures to share know-how,
and placing greater emphasis on environmental sustainability and traceability in its supply chain.
On the innovation side, CATL has leveraged both scale and supportive domestic policy
to drive down costs through “learning by doing”. Improvements in battery chemistry –
particularly in lithium iron phosphate (LFP) and nickel manganese cobalt (NMC) – alongside
innovations in cell design and production automation, have allowed CATL to build a reputation
for quality and efficiency. The domestic content requirement and the 2016 “white list” policy not
only provided subsidy advantages but also created a protected environment in which domestic
firms could accumulate technical experience, improve safety standards, and achieve economies
of scale before being exposed to international competition15.
Looking beyond lithium, CATL is now pioneering a disruptive new chemistry to secure
its leadership for the next decade. In 2025, the company unveiled its first-generation sodium-ion
battery, branded "Naxtra." While lithium batteries rely on scarce and expensive materials like
cobalt and lithium, sodium is one of the most abundant elements on Earth. This gives sodium-ion
batteries the potential to be significantly cheaper, safer, and better performing in cold weather 16.
CATL is not just experimenting; it is preparing for mass production, aiming to make sodium-ion
batteries a mainstream option for lower-range vehicles and energy storage. This move is a classic
CATL strategy: instead of just competing in the existing lithium-ion market, it is working to create
and dominate a new, potentially massive market segment, putting global competitors on the
defensive once again17.
A glimpse inside CATL’s production lines illustrates how innovation is embedded in its
operations. The company’s facilities are as much cleanrooms as factories: white walls, long
corridors, and dust-prevention measures give them the appearance of hospital wards. Workers are
fully covered in protective clothing while robots handle the heavy lifting, moving electrode
LU YUTONG, ZHAO XUAN, WU PEIYUE, In Depth: EU’s Strict Carbon Rules Sap the Energy of
Chinese Battery Giants, Caixin Global, 29 November, 2024.
15
Stanford Freeman Spogli Institute for International Studies (FSI), It’s Not Just Subsidies: How
China’s EV Battery Firms Learned Their Way to Dominance, China Briefs, July 2022.
16
CATL, CATL Unveils Its Latest Breakthrough Technology by Releasing Its First Generation of
Sodium-Ion Batteries, July 29 2021.
17
The Electric Viking, CATL's new Sodium battery will change the WORLD!, YouTube, March 18
2025.
14
6
materials and components across machine lines. The production process involves preparing
electrode “slurries,” coating them onto copper or aluminum sheets, drying, and then assembling
them into cylindrical, pouch, or prismatic cells depending on the target customer. Each cell must
then be charged, sealed, and tested before being combined into larger battery packs. At this stage,
CATL engineers work closely with automaker engineers to design battery packs tailored to each
car model, ensuring compatibility with chassis design, battery management systems, and heat
regulation. This co-development approach not only allows CATL to deliver customized solutions
but also facilitates valuable knowledge transfer from global partners such as BMW, VW, Honda,
and Nissan18.
As Menahem Anderman, president of Total Battery Consulting, noted in 2018:
“Technically they are probably a tad behind the big three (Panasonic, Samsung SDI, and LG
Chem). But considering how fast they have been moving, it’s reasonable to assume that in two to
three years they’ll have a technically similar product.”19. This prediction has proven correct, with
CATL not only closing the gap but now setting the pace with technologies like its sodium-ion
batteries. This rapid closing of the technology gap reflects CATL’s ability to combine Japanese
discipline (via its ATL heritage), German engineering (via partnerships such as BMW’s Zinoro
project), and Chinese entrepreneurship, positioning it as one of the most innovative battery
manufacturers globally.
Mineral Sourcing & Upstream Risks
CATL’s rapid global ascent has been made possible not only by technological innovation
and strategic partnerships but also by its ability to secure critical raw materials. As the largest EV
battery manufacturer in the world, CATL is heavily dependent on stable supplies of lithium, nickel,
cobalt, and graphite — resources concentrated in a limited number of countries and often subject
to geopolitical and environmental risks. Within China, CATL has sought to consolidate upstream
control by acquiring rights to lithium resources in Jiangxi (江西) province. In Yichunn (宜春),
often called the “lithium capital of Asia,” CATL holds exploration rights to a major lithium clay
deposit, estimated to contain more than 2.6 million tons of lithium metal oxide 20. The company
18
Bloomberg, How China’s CATL became the world’s most innovative battery maker, 16 July
2018.
Ibidem.
PHATE ZHANG, CATL acquires lithium exploration rights in east China's Jiangxi province,
Cnevpost, 21 April 2022
19
20
7
has also restarted operations at its lithium mine and refinery in Jiangxi in 2025, reinforcing its
domestic supply base21.
Then, CATL has aggressively pursued international projects to diversify beyond domestic
resources. In Bolivia, CATL leads a Chinese consortium selected to develop the Uyuni and Oruro
salt flats, home to some of the world’s largest untapped lithium reserves 22. In Indonesia, CATL
has partnered in large-scale projects integrating nickel mining and refining with battery
manufacturing, positioning itself close to one of the world’s largest nickel reserves 23. In Argentina,
CATL has participated in agreements to develop lithium resources in the Salar del Hombre Muerto
region, expanding its South American footprint 24. Meanwhile, the company indirectly relies on
cobalt from the Democratic Republic of Congo (DRC), which supplies more than 70% of global
cobalt. Recognizing reputational and ESG risks associated with DRC mining, CATL has partnered
with RCS Global Group to implement responsible sourcing standards and traceability measures 25.
However, these upstream activities, while essential, expose CATL to multiple risks.
Geopolitical tensions, such as disputes over resource nationalism in Latin America, regulatory
changes in Indonesia’s mining sector, and ESG scrutiny in the DRC, create uncertainties in supply
continuity. Moreover, the EU Battery Regulation now requires manufacturers to disclose the
carbon footprint of their supply chains, which is particularly challenging given that much of
China’s energy supply still comes from coal. Combined with U.S. restrictions under the Inflation
Reduction Act that penalize sourcing from “Foreign Entities of Concern,” these factors force
CATL to carefully balance cost advantages with compliance and sustainability requirements.
Achieved Performance and Financial Strategies
CATL's strategic maneuvers in global expansion and innovation are directly reflected in
its robust financial performance and market valuation, demonstrating a successful transition from
policy-dependent growth to self-sustaining, market-driven profitability. In fact, CATL’s story is
no longer just about catching up. The company has not only solidified its leadership in installed
capacity but has also translated this dominance into strong financial health, enabling ambitious
investments and shareholder returns. A key indicator of CATL's massive scale and strategic
VIOLET LI, MEI MEI CHU, China's CATL restarts lithium mine, refinery in Jiangxi province,
Reuters, February 11 2025.
22
DANIE RAMOS, Bolivia taps Chinese battery giant CATL to help develop lithium riches,
Euronews, January 20 2023.
23
Reuters, CATL joins Indonesian nickel project to secure supply for EV batteries, 2021.
24
NIKOLAOS CACOS, Argentina Lithium Reports it has Exercised Option Agreements on Nearly
25,400 Hectares of Highly Prospective Lithium Properties at its Rincon West, Pocitos and Antofalla North
Projects, Argentina Lithium & Energy, September 2024.
25
CATL, CATL partners with RCS Global on responsible sourcing system, 2021
21
8
investment is the consistent growth of its total assets. From 2020 to 2024, CATL's total assets
surged from approximately RMB 150 billion to over RMB 500 billion, underscoring the
company's aggressive capital expenditure in new production facilities and R&D centers
worldwide26. In other words, this isn’t just money in the bank; it’s the gigafactories in Germany,
the R&D centers in Shanghai, and the lithium mines in Bolivia. It’s the physical manifestation of
Zeng Yuqun’s global ambition. This asset growth fuels its production capacity, which is critical
for meeting global demand. By the end of 2024, CATL's planned battery production capacity
reached nearly 600 GWh, with an additional 700 GWh under construction or in the planning
phases, far exceeding the capacity plans of its closest competitors27. This immense scale is a direct
result of its global strategy, creating a formidable barrier to entry for competitors.
Figure 3 The dramatic growth of CATL's total assets from 2018 to 2025. Source:
https://companiesmarketcap.com/catl/total-assets/
Financially, CATL has demonstrated an ability to maintain profitability even in a
competitive and evolving market. A notable example is its 2024 fiscal year performance. While
annual revenue saw a slight decline of 7.6% to RMB 400.9 billion, primarily due to a reduction
in average selling prices amid a global price war, the company's net profit actually increased by
5.2% to RMB 46.1 billion 28. This divergence highlights a crucial strength: CATL’s ability to
protect its margins through technological leadership and cost-control measures. Innovations like
the condensed battery and LFP chemistry allow it to offer high-value products that are costeffective to produce. Furthermore, the company's vertical integration strategy, securing upstream
supplies of critical materials like lithium, helps insulate it from raw material price volatility. This
Companies Market Cap, CATL Total Assets 2024.
EEWorld, CATL's Capacity Plan and Technology Layout Analysis, 2024.
28
ESS News, CATL Reports Profit Growth Despite Revenue Decline, Announces $2.8bn Dividend
Plan, March 20, 2025.
26
27
9
profitability enables CATL to pursue a balanced financial strategy that rewards shareholders while
funding future growth. In March 2025, the company announced a substantial dividend plan of
RMB 28 billion (approximately US$2.8 billion), representing a significant portion of its annual
profit 29 . This move signals confidence in its cash flow generation and a commitment to
shareholder value, which is crucial for maintaining investor support on the global stage.
Simultaneously, CATL continues to invest heavily in research and development; its R&D
expenditure in 2024 alone was nearly RMB 20 billion, focusing on next-generation technologies
like sodium-ion batteries and solid-state batteries 30. This dual approach of returning capital to
investors and reinvesting in innovation ensures both short-term stability and long-term
competitiveness.
In conclusion, CATL's achieved performance goes beyond market share. Its financial
strategy demonstrates a mature, globally oriented corporation. By leveraging scale to control costs,
using innovation to protect margins, and managing capital to balance reinvestment with
shareholder returns, CATL has successfully navigated the post-subsidy era. The company is no
longer merely "flying with the typhoon" but has built its own powerful engines for sustained
global flight. The pig, it turns out, didn’t need the typhoon after all. CATL has built its own jet
engines. By turning technological innovation into financial resilience, the company from Ningde
has proven that it’s not just a product of China’s industrial policy, but a master of global capitalism.
29
ESS News, CATL Reports Profit Growth Despite Revenue Decline, Announces $2.8bn Dividend
30
EEWorld, CATL's Capacity Plan and Technology Layout Analysis.
Plan.
10
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13