CATL’s Vice-Chairman has announced that CATL is building a new Energy IoT as an after-sales service.
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In the middle of October, the 3rd Digital China Summit was successfully held in Fuzhou, China; CATL's Vice-Chairman Shilin Huang announced that CATL is building a new Energy Internet of Things (Energy IoT). At the conference he pointed out three development bottlenecks of the electric vehicle market when competing with the traditional vehicle market – high cost, reliability & safety, and inconvenience of charging. According to Shilin Huang, CATL’s new Energy IoT plan, as an after-sales service, will provide a more convenient market environment for electric vehicles to better compete with the traditional fuel vehicles market.
Energy Internet of Things (Energy IoT) was put forward in 2018 by Trina Solar, a leading solar photovoltaic (PV) manufacturer in China. Energy IoT was originally used for saving energy by IntelliSensing environment and equipment status and adjusting adaptively. CATL’s Energy IoT plan mainly focuses on building charging/inspecting stations and forming a database platform. Shilin Huang also mentioned PV power station is a feasible solution.
CATL's shares (300750:SH) have appreciated 117% since 2020. The rising penetration of electric vehicles and the support from the Chinese government kept its positive momentum. Meanwhile, providing cobalt-free lithium iron phosphate (LFP) battery for Tesla enables CATL to achieve more global reach. The new Energy IoT plan may help promote the marketization of electric vehicles and which, in turn, help CATL take more market share nationally and globally further.