In a public offering on June 11 in Shenzhen, battery giant Contemporary Amperex Technology Ltd. (CATL) raised nearly $1 billion to fund ambitious expansion plans, and its stock has been shooting up every day since. Thanks largely to the company’s new plants, China will be making
70 percent of the world’s electric-vehicle batteries by 2021, according to Bloomberg New Energy Finance (BNEF)…

China is already the world’s largest car market, but its domestic businesses sell only a small fraction of vehicles and components globally.  “China sees EVs as the way to assert their global dominance in automotive,” says Venkat Viswanathan, an assistant professor of mechanical engineering at Carnegie Mellon, whose work focuses on
batteries. “To make it work you need scale, and they do scale better than anyone else.”
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