CATL

CATL is in talks with General Motors on a License Royalty Service model partnership, with plans to jointly build an LFP battery plant in North America, according to a local media report.

The long-life battery will have 0 degradation in the first 1,000 cycles, Yutong said.

In order to get automakers to accept the "CATL Inside" logo on their vehicles, CATL will offer some concessions like Intel did with its "Intel inside" model, according to local media.

CATL is working with Tesla on battery technologies, particularly new electrochemical structures for faster charging, the Chinese battery maker's chairman said.

CATL has 32.67 percent of its revenue coming from overseas in 2023, up from 23.41 percent in 2022, as it begins deliveries to foreign customers.

CATL's share of China's EV battery market increased by 5.75 percentage points in February, while BYD's share decreased by 0.82 percentage points.

Morgan Stanley said it sees multiple inflection points in CATL's fundamentals and upgraded the company to Overweight from Equal Weight.

CATL's battery installations in January were 20.5 GWh, up 88.1 percent year-on-year, while BYD's were 7.4 GWh, up 34.4 percent year-on-year.

CATL is still in the process of developing and validating the M3P battery with Tesla, and the exact timing of the installation is not yet clear, according to local media.

The earnings preview implies CATL returned to net profit growth in the fourth quarter, after seeing a sequential decline in the third quarter.