CALB
Compare CALB…CALB Group Co., Ltd. researches, develops, designs, produces, and sells EV batteries and energy storage system products.
SectorsBatteries
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CALBCALB Group Co., Ltd. researches, develops, designs, produces, and sells EV batteries and energy storage system products.
| Plant | Nameplate Capacity (GWh) | Utilization 2022 / 2023 / 2024 |
|---|---|---|
| Changzhou Jiangsu (HQ) | 100+ GWh | 55% / 65% / 75%+ (Power battery + ESS scale-up; highest utilization in CALB portfolio) |
| Xiamen Fujian | 30 GWh (JV with Xiamen state-owned) | 40% / 45% / 50% (slower ramp; JV customer order book weaker than HQ plant) |
| Hefei Anhui | 40 GWh (new since 2023) | (pre-op) / 30% / 55% (post-ramp utilization rising as new lines reach steady state) |
| Wuhan Hubei | 10 GWh (smaller scale) | 30% / 35% / 40% (smaller plant; lower priority in production-planning hierarchy) |
| Total CALB | ~180 GWh nameplate | Weighted average utilization ~45% (2022), ~55% (2023), ~65% (2024); below CATL's ~85%+ but above industry-average ~50% |
| Comparison to peers | Industry context | CATL (300750.SZ): ~85%+ utilization on ~500 GWh nameplate. BYD captive: ~95%+ (internal Tesla-equivalent). EVE Energy: ~70% on 150+ GWh. CALB sits mid-pack on utilization, below the top tier (CATL + BYD) + above the smaller players (REPT + Sunwoda EV) |
| Editorial. Why utilization matters | Strategic context | Utilization is the binary between profitability + losses in the Chinese battery industry. Fixed-cost coverage (depreciation + plant overhead) requires >65-70% utilization at current cell ASPs (~CNY 0.50/Wh). CALB's blended ~65% by FY 2024 explains why operating margins improved despite the cell-price collapse. The marquee question: as Hefei + new ESS lines ramp through 2026, does CALB's blended utilization cross 75%, lifting margins meaningfully? |
FY 2022-FY 2025
$3931.HK
Fast-growing Chinese manufacturer of lithium batteries for EVs, energy storage, and aerospace applications. ~95 GWh production capacity with ~3% global market share and rapid expansion of new production lines underway. Targets both domestic Chinese automakers and the booming utility-scale energy storage market with competitive LFP and ternary cells.
Key Milestones
Founded in Luoyang, Henan as China Aviation Lithium Battery (CALB) under AVIC (Aviation Industry Corporation of China) state-owned aerospace conglomerate: initial mandate to supply Li-ion cells for military aviation and aerospace ground support. The aerospace pedigree carries through to a 2018 management buyout and pivot to passenger-EV cells under new CEO Liu Jingyu.
Restructured under Liu Jingyu: pivoted from aerospace cells to NCM 5-series passenger-EV cells. Management buyout from AVIC restructures CALB into Changzhou-headquartered CITIC-backed entity. Pricing-aggressive go-to-market against incumbent CATL: undercut CATL by 5-10% to win GAC Aion, Geely, Xpeng and Changan business 2019-2021.
Won GAC Aion exclusive battery contract: became Aion's #1 cell supplier overtaking CATL. Aion's volume scale-up (Aion S, Aion Y) drives CALB to ~25 GWh installations 2022, propelling CALB to #4 China share. Pricing concession to Aion estimated 8-12% below CATL list: a strategic loss-leader to break into top-tier OEM accounts.
CATL filed major patent-infringement lawsuit alleging unauthorised use of cell-component IP: first time CATL litigates against a domestic competitor at scale. Reached partial settlement 2024 with CALB licensing certain CATL patents. Industry-watershed event signaling end of "competitor-grace" period in China.
IPO on Hong Kong Stock Exchange under ticker 3931.HK: raised HK$10.1B at HK$38/share, $9B valuation. First major Chinese battery IPO outside Mainland post-CATL 2018. Stock prices below issue most of 2023-2024 amid pricing pressure and CATL litigation overhang.
Portugal Sines battery plant announced: 15 GWh/yr LFP cells for European OEMs; CALB's first European footprint. €2B capex; targets initial production 2026. Strategic step into European OEM diversification away from China-domestic reliance.
Annual installed capacity reached 200 GWh across Chengdu, Wuhan, and Hefei expansions: 5x scale-up since 2021 IPO. Maintains #4 China share but margin pressure intense: 2024 H1 gross margin <8% versus CATL's ~24%.
