-- The founder of China’s world-beating battery manufacturer is pressing ahead with expansion in the face of a global slowdown in electric-vehicle sales growth.Boeing CEO to Step Down in Overhaul Sparked by Safety Crisis
“There’s not enough production capacity for good products,” he said. “We need more expansion for more advanced technologies and to cater to consumers’ needs, such as faster charging and better battery performance under low temperatures.” For all its technological prowess, CATL hasn’t been immune from the EV slowdown. Its market capitalization has roughly halved from a peak of 1.6 trillion yuan in December 2021. China’s retail sales of new-energy vehicles — which includes hybrids along with fully electric vehicles — almost doubled that year. The rate of expansion is expected to slow from 36% last year 25% this year, according to China’s Passenger Car Association.
Zeng, 56, founded CATL in 2011, a time when policymakers in China were making electric vehicles a national development priority. The company went public in 2018, and its success has made Zeng, who has a doctorate in condensed matter physics, a billionaire many times over. His net worth is around $27.2 billion, according to the Bloomberg Billionaires Index.
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