CATL changes top management as its vice chairman exit and chase for personal goal

August 3, 2022 0 Comments

Chinese battery giant Contemporary Amperex Technology (CATL), the world’s largest electric vehicle battery manufacturer, has implemented another top management change after the company’s vice chairman and deputy general manager Huang Shilin stepped down from his position.

Huang, CATL’s No.2 person after founder and chairman Zeng Yuqun, hold a near 11% stake in CATL.

In an official statement, CATL said Huang will explore business opportunities in sectors including solar panels, energy storage and battery charging, and his leaving will not affect his long-term relationship with CATL. General manager Zhou Jia will take over Huang’s role.

Huang has an estimated fortune worth $20 billion on the Forbes Real-Time Billionaires List today, while Zeng Yuqun net worth stood at $45.6 billion.

CATL is reportedly delay a decision on a North American plant after U.S. House Speaker Nancy Pelosi’s visit to Taiwan, Bloomberg News reported on Tuesday.

Last month, Ford announced that it would use imported lithium iron phosphate (LFP) batteries from CATL for its North American electric pickup trucks and SUVs.

CATL is the world’s largest battery maker, its major clients include Tesla and Volkswagen AG.

According to SNE Research, CATL has a share of more than 35% of the booming global electric vehicle battery market.

The firm, based in the city of Ningde in the southern province of Fujian, saw first-quarter sales increase 153% year-on-year to 48.7 billion yuan, while net profit fell 23.6% to 1.49 billion yuan ($223.87 million). CATL blamed the drop in profits on rising actual costs of battery raw materials.

In June, CATL announced that it would tart mass production next year of an electric-car battery with a range of over 1,000 kilometers on a single charge.

CATL’s new battery, called Qilin, will achieve volume utilisation rate to 72%, which is a big improvement from 50% for its first generation launched in 2019, and the new technology will increase the battery system’s energy density to 255 Wh/kg. The Qilin battery charges faster than existing cells, and is safer and more durable.

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