China’s Xi tells CATL he has blended emotions about its battery dominance

SHANGHAI (Reuters) – Chinese language President Xi Jinping informed CATL on Monday that he had blended emotions about its standing because the world’s largest battery maker, in uncommon public feedback about one of many nation’s most globally aggressive sectors.

In response to a presentation by CATL Chairman Zeng Yuqun who described how the Chinese language agency now owns a 37% share of the worldwide battery market, Xi was quoted as saying that he was “each completely happy and apprehensive”, glad about its main place however involved in regards to the dangers.

Xi made the feedback throughout a closed-door assembly with trade and commerce representatives throughout the annual session of parliament, in keeping with an announcement revealed by the official Xinhua information company on Tuesday.

His remarks come at a time when CATL is constructing factories overseas and final month signed a deal to license its know-how to a brand new electrical car battery plant Ford Motor Co is constructing in Michigan.

CATL has additionally supplied to chop prices for Chinese language automakers, sources have mentioned, a transfer that demonstrates its market energy and will additionally widen China’s value benefit in electrical autos.

CATL didn’t instantly reply to a request for remark. Xinhua didn’t say whether or not Zeng had responded to Xi throughout the session.

(Reporting by Zhang Yan and Brenda Goh; Modifying by Edwina Gibbs)