The firm's chairman announced this move on May 23.
Ningde Era
Chinese battery manufacturer Contemporary Amperex Technology (CATL, 300750:SZ) will start marketing sodium-ion batteries around July 2021, the company's chairman Robin (Yuqun) Zeng said on May 23.
Shares of Shandong Sacred Sun Power Sources (002580:SZ) and Inner Mongolia Lantai Industrial (600328:SH) soared by the maximum 10% in the morning trading on May 24. The two firms are key material providers essential to the domestic sodium-ion battery supply chain.
Currently, over 70% of China's demand for lithium is fulfilled by foreign providers. Amid the Sino-American standoff, both nations' finest high-tech corporations have been investing lavishly in import substitution strategies.
Read more about CATL in our latest research report.
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