Home » CATL clarified rumour on US sanction and failed negotiation with Tesla

CATL clarified rumour on US sanction and failed negotiation with Tesla

by SEP Editor
3 mins read
(Photo Credit: CATL)

On Feb. 13, CATL published an announcement to clarify its rumour about it being sanctioned by the US, removed from the ChiNext weighted stock index and failures of negotiation with Tesla have sparked market misunderstandings and negatively influenced the company’s reputation.

CATL has reported such a crime to the police station and will be pursuing legal responsibility against the rumour-mongers according to the law. 

On the other hand, Tesla supported CATL’s assertion and suggested that the rumours about their talks’ failure are really untrue. 

Details of report 

CATL denied consulting on the possibility of its being sanctioned by the US. This is the first time we have seen negative rumours about the company.

According to the report, earlier rumours said CATL was seeking help from professional bodies in the US to consult on the possibility of its being sanctioned by the US.

“The information circulating on the Internet that our company consulted US agencies about the possibility of sanctions is false,” local media Cailian quoted the company as saying.

(Photo Credit: viewpoint.com)

Performance of CATL

Influenced by the rumour, CATL shares traded in Shenzhen plunged 6.66 percent at the close. The stock was down close to the single-day limit of 10 percent at one point during the session.

CATL shares traded more than 17 percent lower in Shenzhen during the week, the first work week after the Chinese Lunar New Year holiday.

CATL has a global market share of 32.6 percent, up 8 percentage points from 24.6 percent in 2020, and is the fifth consecutive year that CATL has held the world’s largest power cell maker position.

The company has been expecting a net profit of 140 billion to 165 billion RMB for its stockholders, increasing  150.75% to 195.52% compared with last year. 

Many reports suggested that CATL’s sales exceed their expectations despite the large increase in raw material prices. 

See also:

 Possibility of CATL facing crisis from US sanctions

CATL Remains The World’s Largest Battery Manufacturer For Five Consecutive Years

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