Contemporary Amperex Technology Ltd (CATL) has doubled down on new businesses including battery swapping and energy storage as the world’s largest battery maker seeks new growth drivers amid intensifying price wars and mounting pressure on profitability.
But the new path is far from straightforward. Established players like Nio have already built a strong presence in battery swapping, while BYD has reinforced its position in energy-storage systems.
Lucas Zhang Liutong, director of Hong Kong-based consultancy WaterRock Energy Economics, said competition in both sectors was “already quite intense”.