China’s heavy truck market is poised for a significant shift towards electric vehicles (EVs) in the coming years, with projections indicating that EVs could make up half of the market by 2028. This anticipated surge, up from just 10% in 2024, was reported by Reuters, citing CATL chairman.
CATL, a leading manufacturer of lithium-ion batteries, has recently launched a massive 60 gigawatt-hour energy storage and EV battery production base in Shandong, marking the company’s first facility in northern China. The company plans to expand this facility with a second and third phase over the next two years, creating a substantial energy industry battery cluster in the region.
The local government of Shandong is also making strides towards developing a 100 billion yuan ($14 billion) lithium battery industry by the end of the year. This industry will encompass various components including electrode materials, electrolytes, battery cells, and assembly.
In a bid to diversify its product range, CATL unveiled a series of innovative battery products in April during the Super Tech Day event. These products include the Freevoy dual-power battery, the Naxtra sodium-ion battery, and the second-generation Shenxing superfast charging battery. Additionally, an integrated 24V start/stop Naxtra battery designed specifically for heavy-duty trucks was introduced.
CATL is currently preparing for a substantial Hong Kong listing, with plans to raise at least HK$31.01 billion. The company intends to offer 117.9 million shares, with the potential for the listing to increase to approximately $5.3 billion if additional options are exercised. Following this announcement, CATL’s shares in Shenzhen saw a 3.6% rise, outperforming the CSI300 index.
“China’s heavy truck EV sales to surge by 2028 – CATL” was originally published by Just Auto, a GlobalData owned brand.
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