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%.