Contemporary Amperex Technology, China’s largest EV battery-maker and a major Tesla supplier, has seen a three-month slide in value that has left it under the RMB 1 trillion ($156.3 billion) mark for the first time in around year, reports the South China Morning Post. Some of the value drop can be attributed to production difficulties related to Covid-19 lockdowns.
The stock slumped 7.6% to RMB 407 in Shenzhen on Wednesday, capping a 31% or $63 billion rout this year and valuing the electric-vehicle (EV) battery maker at RMB 949 billion. Its capitalization has held up above the trillion-yuan level since May 31, according to Bloomberg data.
The setback mirrors the fallout in China’s stock market, with the Shanghai Composite Index ranking as the worst performer among major Asia-Pacific equity benchmarks. Policymakers in Beijing have disappointed investors this month by withholding their stimulus firepower.