CATL

The two will develop battery swap-enabled models based on the Aiways U5 and plan to bring it to market in the fourth quarter of 2022.

CATL supplied RMB 13 billion worth of power batteries to Tesla last year.

Sales of power battery systems are the company's main source of revenue, contributing RMB 91.49 billion last year, up 132.06 percent year-on-year.

CATL, a battery supplier to Tesla, has a battery module assembly plant located a few blocks from Giga Shanghai.

A subsidiary of CATL has acquired the exploration rights to the lithium mine, which is expected to hold 2.66 million tons of lithium metal oxide, for RMB 865 million.

Rumors surfaced yesterday that CATL may post earnings of less than RMB 5 billion in the first quarter, falling short of market expectations.

Equipment installation for the project is underway, and the module plant has seen battery pack samples roll off the line.

CATL has put four battery swap stations into operation in Xiamen, with the number expected to reach 30 in the city by the end of the year, and the monthly rent for a single battery block is RMB 399 ($62.6).

This consists of six projects including nickel mine development, ternary battery manufacturing, and battery recycling, five of which are majority-owned by CATL.

CATL's installed base in China in March was 10.81 GWh, capturing 50.49 percent of the market share, up 2.47 percentage points from February.