Chinese battery giant CATL spreads investments in search of new growth drivers

World’s largest producer of lithium-ion batteries for EVs and energy storage systems has committed over 17 billion yuan to non-battery deals Since June last year, at least seven CATL-led equity deals involving a total of over 17 billion yuan (US$2.5 billion) have been announced in non-battery industries. The sectors involved span humanoid robots, state-owned hydropower stations, artificial intelligence data centres (AIDCs) and large-language-model developer DeepSeek. The equity investments by Fujian-based CATL seemed primarily strategic, similar to its earlier playbook of forming joint ventures with carmakers and investing in EV start-ups, said Yang Jing, director of Asia-Pacific corporate ratings at Fitch Ratings. “As the incumbent leader, sustaining market share and margins requires identifying new high-growth frontiers early and capturing first-mover advantages,” she said. “AIDC’s high-growth, high-barrier characteristics position it as a potential ‘third growth curve’ alongside EVs and energy storage systems.” CATL is the world’s largest producer of lithium-ion batteries for EVs and energy storage systems.

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