News Snapshot:
“New entrants can’t quickly catch up,” said a CATL spokesperson. “We are way ahead in innovation and we have demonstrated the ability to rapidly transfer R & D to mass production.” In one recent example of the Chinese group’s prowess, US carmaker Ford has turned to licensing CATL’s technology and engineering knowhow to build a $US3.5 billion battery plant in Michigan. BYD, or Build Your Dreams, is no less impressive. Backed by Warren Buffett, Wang Chuanfu’s company has cornered almost 15 per cent of the battery market, powering not only its own fast-growing EV brands but also rival carmakers in...
