This Chinese Battery Company Has Produced More Billionaires Than Google Or Facebook

Paul Zinken/picture alliance via Getty Imageslittle-known but fast-growing Chinese maker of batteries for electric vehicles now has more billionaires on Forbes’ list than just about any other public company. A whopping nine billionaires have fortunes of $1 billion or more based on their stakes in Contemporary Amperex Technology .

The amount of wealth produced—together the nine people are worth $72 billion—is a staggering feat for a decade-old company.has found eight billionaires each from tech giant Google and Facebook, while retailer Walmart has also produced eight billionaires—seven of whom are descendants of founder Sam Walton and his brother Bud Walton.

Taking advantage of China’s growing affluence—it’s now the world’s largest automotive and electric vehicle market—CATL aggressively expanded its manufacturing and research and development capabilities. In 2018, of all new passenger electric vehicles sold worldwide, 13% of total battery capacity was supplied by CATL, according to research and advisory firm Adamas Intelligence. In 2020, CATL had 22% of the market, as it quadrupled its total battery capacity installed in new electric cars.

“2020 was a great year for CATL. It deployed nearly 50% more battery capacity onto the road globally than the year prior,” says Alla Kolesnikova, head of data and analytics at Adamas Intelligence. “We believe 2021 will be the year CATL begins its rise as a global brand via a growing list of supply agreements with foreign automakers, and through rising global sales of China-made EVs containing CATL cells.

Source: News Formal (newsformal.com)

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