On Monday, China’s battery maker Contemporary Amperex Technology Co. Ltd. (CATL) Topped RMB 1 trillion ($157 billion) in market cap while the surge in electric vehicle sales ramp up battery demand, reported Caixin.
CATL reached a market value of almost RMB 1.01 trillion after closing at RMB 434.1 a share on Monday. The company was the eighth in the mainland stock market to reach that mark.
Dominating 50% of the market, CATL is the biggest Chinese EV battery producer. As the country increased efforts to reduce carbon emissions, demand for electric vehicles increased and CATL sales quadrupled within the first four months of the year.