World No.1 battery maker
CATL
The world No.1 battery maker (Ningde). In 2025 it installed 464.7 GWh of EV batteries for a 39.2% share, the only supplier above 30%. It supplies cells to automakers like Tesla and BYD, and deployed its own Moz humanoid in battery factories (a world first at scale). The energy-storage axis for both EVs and robots.
300750.SZ Updated Jul 12, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, CATL is directly linked to 12 companies (6 supply, 6 revenue relationships) and reaches 13 companies within two hops; the links are backed by 16 dated sources, 4 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · 2025: 464.7 GWh (39.2% share)
- Customer concentration · Supplies Tesla, BYD; only one above 30%.
- Segments · EV batteries (39.2%) · ESS storage · Robot/humanoid power
Revenue from
- Global automakers (EV batteries) High confidence
EV batteries to BYD and many automakers (39.2% share). - Tesla High confidence
Supplies EV and ESS battery cells to Tesla. - 샤오미 (EV) High confidence
Ternary batteries for SU7/YU7 upper trims. - 지리·지커 High confidence
Supplies Geely group incl. Zeekr, the first Qilin adopter.Confirms EN E-Mobility Engineering Published Apr 17, 2023: Zeekr becomes first EV maker to adopt CATL's Qilin battery - SAIC Motor High confidence
Supplies and co-produces NEV batteries for SAIC. Lithium-ion and battery-system JVs with SAIC plus tie-ups at SAIC-GM and SAIC-GM-Wuling make China's largest automaker a key customer.Confirms EN Gasgoo Published Jun 20, 2025: SAIC-GM, CATL sign strategic cooperation agreement to research, develop NEV batteries - UBTech Robotics Medium confidence
Supplies batteries for humanoids. - 현대차·기아 Medium confidence
Batteries for Hyundai group models (Kona/Niro NCM, Ray LFP).
Pays to
- Ronbay Technology High confidence· supplier share 54.54% · FY2024 · CATL's share of Ronbay revenue (largest customer, anonymized in filing)
CATL sources high-nickel NCM and sodium-ion cathode powder from Ronbay Technology, its #1 ternary cathode supplier. Ronbay's FY2024 largest customer (RMB 8.23bn, 54.5% of sales) is identified as CATL via media cross-checks, and CATL committed to buy at least 60% of its annual sodium cathode powder from Ronbay through 2029.Mentions ZH Shanghai Stock Exchange STAR Market Published Apr 30, 2025: Ningbo Ronbay New Energy Technology 2024 Annual Report SummaryConfirms ZH Shanghai Stock Exchange (hosted via Sina Finance) Published Apr 10, 2025: Ningbo Ronbay New Energy Technology 2024 Annual ReportConfirms ZH NE Time Published Nov 1, 2024: Ronbay wins CATL long-term sodium cathode order, locks in #1 supplier status - Tinci Materials Medium confidence· Count 58,600 t · 2024-06~2025-12(만료·미갱신) · electrolyte per solid LiPF6 (expired)
CATL had sourced electrolyte from Tinci. A June 2024 agreement supplied electrolyte for 58,600t of solid LiPF6 (~500kt) through end-2025, but that long-term deal expired on Dec 31, 2025 without renewal. CATL reshuffled its 2026-2028 electrolyte supply to Shinbang (300kt) and Yongtai (470kt).Confirms ZH Sina Finance Published Jun 17, 2024: Tinci Materials signs a supply agreement with CATL for electrolyte tied to 58,600 tons of LiPF6 - Enchem Medium confidence· Amount 1.5 KRW조 · 5년(2025-11 보도) · CATL-Enchem electrolyte deal (pending)
CATL was reported in November 2025 to be close to a five-year, about KRW 1.5tn electrolyte supply deal with Enchem.Confirms EN KED Global Published Nov 28, 2025: Enchem tipped to secure $1 bn electrolyte supply deal with CATL - BTR New Material Group Co., Ltd Medium confidence
CATL sources anode material from BTR New Material, the world's top anode maker.Confirms EN BTR New Material Published Aug 7, 2024: BTR, the world's leading anode materials manufacturer - Yunnan Energy New Material (SEMCORP) Medium confidence
CATL sources wet-process separators from Enjie and is the 49% minority partner in their Xiamen JV separator plant.Confirms EN Yicai Global Published Jun 21, 2022: CATL, Yunnan Energy JV to Complete USD770 Million Li-ion Separator Plant by Next Year - Chunbo Medium confidence
CATL sources specialized lithium salts such as LiPO2F2 from Korea's Chunbo, one of its electrolyte-salt and additive suppliers. - Cathode materials · lithium · materials (undisclosed) Low confidence
Cathode, lithium, electrolyte and materials. - manufacturing & capacity expansion (undisclosed) Low confidence
Cell manufacturing and gigafactory capacity.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Foxconn (Hon Hai) | lead2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| Geely Auto | lead1 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +18.9 |
| Hyundai Motor Company | lead1 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Tesla | lead1 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Xiaomi | lead1 | -43.9 | -21.1 | -4.6 | +209.7 | -6.9 | -27.2 |
| SAIC Motor | lead1 | -12.1 | -16.2 | -6.8 | +29.1 | -17.2 | -28.4 |
| UBTech Robotics | lead1 | · | · | · | -21.6 | +95.4 | -39.2 |
| CATL | node | +67.4 | -21.4 | -40.6 | +74.5 | +39.4 | +1.2 |
| Yunnan Energy New Material (SEMCORP) | benef1 | +92.8 | -38.6 | -72.6 | -29.2 | +76.4 | +7.5 |
| Tinci Materials | benef1 | +68.3 | +5.6 | -61.4 | -0.7 | +124.2 | -1 |
| Ronbay Technology | benef1 | +96.6 | -39.1 | -63.6 | +12.3 | +47.7 | -12.9 |
| Chunbo | benef1 | +40.4 | -7.3 | -65 | -55.6 | +59.1 | -37.6 |
| Enchem | benef1 | · | -37.4 | +173.9 | -20.5 | -26.1 | -76.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
The core of CATL is the scale-cost-bargaining flywheel created by its dominant share (39.2% in 2025) as the only supplier above 30%. Commanding the world's largest cell demand, it sets volume and price across the material chain — cathode (Ronbay), anode (BTR), separator (Enjie), electrolyte (Tinci, Enchem), lithium salts (Chunbo) — and internalizes supply through stakes and long-term contracts with many of them. Growth extends beyond EVs into ESS (AI data centers, renewables) and robot power, but slowing EV demand, Chinese competition and falling battery prices weigh on near-term results. In graph terms CATL is a revenue hub to automakers (Tesla, BYD, Geely, SAIC, Hyundai) and a cost hub to material makers — the deterministic spine whose volume signal ripples through the entire battery value chain.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target ¥583 · Price ¥348.76 (07-10) · Upside +67%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Citi | Buy | ¥603 | Jun 5, 2026 | Report ↗ |
| CLSA | 高确信度跑赢大市 (Outperform) | ¥515 | Apr 16, 2026 | Report ↗ |
| Soochow Securities | 买入 (Buy) | ¥632 | Apr 16, 2026 | Report ↗ |
Consensus is firmly bullish (28-analyst average target ~CNY 560) with post-Q1-2026 target hikes from Citi, CLSA and Soochow; Morgan Stanley's equal-weight is the cautious outlier.
Analyses covering this node
- At the materials tier, the customer sets the clock Jul 5, 2026
- The cathode paradox: cells turned, materials did not Jul 3, 2026
- What revived the battery cycle is ESS, not EVs, and its root is again the AI datacenter Jun 24, 2026
- China replicates the chain in parallel: the second map that sanctions drew Jun 23, 2026