Industrials Author: Fuller Wang Nov 15, 2020 11:30 PM (GMT+8)

Cooperating with Chang'an Group and Huawei, CATL is expanding to the electric vehicle market by building a high-end electronic vehicle brand. Its stock opens high owing to this news.

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According to the announcement of China Chang'an Automobile Group on November 14, 2020, CATL, China Chang'an Automobile Group, and Huawei plan to build a high-end intelligent vehicle brand together. Meanwhile, the three companies also plan to create a leading self-controllable intelligent vehicle platform globally and gradually form an intelligent life and intelligent energy ecology with a theme of "Human, Vehicles, and Home".

China Chang'an Automobile is a leading automobile manufacturer in China with 158 years' history. The automobile company has been trying to transform itself into a smart transportation technology company. From January to October in 2020, the Chang'an Group reached sales of 1,583,521, up 14% year on year, and become one of the few manufacturers achieved sales growth in 2020. The remarkable performance gives confidence to both the three companies and investors about this cooperation.

The Founder and Chairman of CATL, Robin Zeng, said through a VCR that CATL and China Chang'an Automobile have similar innovation culture and mission. The corporation among the three companies will accelerate the development of the intelligent electric vehicle sector in China. As a global leader in battery development and manufacturing, it marks the beginning of CATL's expansion to the downstream EV market. Stimulated by this bullish news, CATL stock opens high at CNY 253.89.

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