In 2020, CATL's revenue totaled around 50 billion Chinese yuan. In Indonesia, CATL is planning to invest over USD5.0bn in the exploration of lithium and nickel projects. Our teams are dedicated to connecting you with what you need, quickly, efficiently, and professionally. Annual report 2020. Sign up and get the best of Automotive News delivered straight to your email inbox, free of charge. Given growing supply, Goldman Sachs sees spot prices of lithium carbonate, a precursor to the compound used in making lithium-ion batteries, sinking to $34,000 a tonne in the next 12 months, from . In the past years the concept of the metaverse has become increasingly prevalent. The advent of solid-state batteries would cut the recharging time for electric vehicles by two-thirds to circa 10 minutes and would extend the driving distance of a compact electric vehicle while maintaining legroom[15], [16]. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. There are big jobs to be done worldwide, and that work is powered by our people. Former CATL Directors & Associate Directors; Our Mission; Consultations; Programs & Grants. Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news thats vital to your business. A Market Level Approach to Understanding the Potential for Sustainable Evolution. Chinese firm says lithium inflation adding price pressures, Manufacturer investing $2 billion in new Xiamen factory. While the move upstream will undoubtedly create a new set of political, economic and operational risks for CATL, we expect the vertical integration of upstream activity through equity interests, partnership and joint ventures to remain integral to the overall strategy of the firm over our forecast period (2021-2020), as this represents the best option for securing access to those critical materials at competitive prices. Find a list of Frequently Asked Questions (FAQs) about Caterpillar and our brands. On the evening of April 21, the 2021 financial report released by CATL showed that during the reporting period, the company's operating income was about 130.356 billion yuan, a year-on-year increase of 159.06%; the net profit attributable to shareholders of the listed company was about 15.931 billion yuan, a year-on-year increase of 185.34%. In Japan, the firm is expected to build an energy storage business with an established local player that would grant it further access to non-active battery materials. It is a buy. The Chinese tech group QingTao Energy Development has started the development of solid-state batteries this year and will spend a major share of its $153 million R&D budget on solid-state batteries and Japanese policymakers have put aside $19.2 billion to support the development of a mass-production infrastructure within Japan for new technology batteries. EVE Energy is only a minor player with a moderate production capacity, but CATL will need to continuously compete on price and projects with the other Chinese player. A commercially viable solid state-battery technology could disrupt the battery industry. CATL has strong liquidity. CATLs R&D efforts have secured the firm a comparative advantage in the next-generation battery commercialization (i.a solid-state and lithium-silicon batteries). Copyright 2021 Fitch Solutions Group Limited. ET by Barron's Autos NIO Stock Slumps After Short-Seller Questions Battery Sales. CATLs total assets (cash, investments and everything that the business owns that can be liquidated into cash) have been steadily increasing over the last four years. "We remain committed to our strategy for long-term profitable growth, which is yielding strong results, and to living our Values in Action. ", Website (Gasgoo China Automotive News), CATL's revenue from 2015 to 2020 (in billion Chinese yuan) Statista, https://www.statista.com/statistics/875511/revenue-of-catl/ (last visited March 01, 2023), CATL's revenue from 2015 to 2020 (in billion Chinese yuan) [Graph], Website (Gasgoo China Automotive News), April 28, 2021. Meritor 2019 Summary Annual Report and 10-K 4.3 MB. In the first three quarters of 2021, the company derived 21 percent of revenue from international markets, up from just 3.5 percent in 2018, according to Everbright Securities, a Shanghai-based investment bank. We expect worldwide EV sales to fall between 4 million and 4.3 million cars for this year. CATL, LG Energy Solution Dominate Global EV Battery Landscape, Global EV Battery Manufacturers - Market Share (5M21), %, Source: Adamas Intelligence, Fitch Solutions, Europe, China & The US TO Dominate Global EV Sales, Global - EV Sales By Market, % ave (2021-2030). In, Website (Gasgoo China Automotive News). CATL has secured a spot in Teslas supply chain and is the first to provide the electric vehicle market leader with LFP (lithium iron phosphate battery) packs. Experienced AnalystsThe team has high-level experience working for blue-chip institutions like J.P. Morgan and Citibank and has industry knowledge from consulting firms like Accenture, Deloitte, or Roland Berger. Enclosure 1. CATL , the world's largest electric vehicle (EV) battery manufacturer, reported a 23.6% drop in the first quarter profit on Friday, its first fall in two years, as it battles soaring raw material . FactSet (a) does not make any express or implied warranties of any kind regarding the data, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use; and (b) shall not be liable for any errors, incompleteness, interruption or delay, action taken in reliance on any data, or for any damages resulting therefrom. - Net profit hit CNY 4.5 billion, representing a 131.5% growth. Over 26 months, the planned land area of the project is about 1,900 mu. Then you can access your favorite statistics via the star in the header. In 2021 the company made a revenue of $20.24 B an increase over the years 2020 revenue that were of $7.40 B .The revenue is the total amount of income that a company generates by the sale of goods or services. Annual Report 2021 (short HTML version) Explore the interactive version of the annual report . The News Building3 London Bridge StreetLondon SE1 9SG. As soon as this statistic is updated, you will immediately be notified via e-mail. Expert analysis of opportunities and risks across emerging and frontier markets. CATL is bent on European expansion because it expects huge growth in the European electric vehicle market in response to the EUs tighter CO2 requirements for 2030. CATL issued a semi-annual performance report stating that in the first half of 2021, operating income was approximately RMB 44.075 billion , an increase of 134.07% year-on-year ; net profit attributable to shareholders of listed companies was approximately RMB 4.484 billion, an increase of 131.45% year-on-year ; basic earnings per share were 1. . As a result, we expect annual capex of CNY20 billion-45 billion in 2021-2024. Lower oil prices resulting from the COVID-19 crisis could reduce demand for electric vehicles in the United States as they undermine the comparative advantages of EV over standard combustion cars. Stock and Corporate . In China, policymakers were early to identify the auto market as a primary target for economic stimulus. Available: https://www.statista.com/statistics/875511/revenue-of-catl/, Available to download in PNG, PDF, XLS format, Forecast global electricity generation 2015-2050, Global investment in power generation 2017-2021, Global residential energy storage deployment 2020, by region, Power system flexibility capacity share worldwide 2021, by source, Capacity of lithium-ion batteries entering the market worldwide 2020-2030, Pumped hydro storage market value worldwide 2021-2028, Global battery energy storage market value 2021-2026, Thermal energy storage market value worldwide 2020-2026, Hydrogen energy storage market value worldwide 2021-2030, Global pure pumped storage capacity 2010-2021, Global electricity capacity from battery storage 2020-2050, Global thermal energy storage capacity 2019-2030, Global electrolyzer manufacturing capacity estimates 2022-2027, Global LDES cumulative installed capacity 2025-2040, Global investment in energy storage 2020, by region, Global grid battery storage investments 2015-2021, Global investment in long duration energy storage 2018-2021, Panasonic's sales revenue in Malaysia FY 2013-2022, PMMA's shareholder funds return rate FY 2015-2022, PMMA's gross dividends paid Malaysia FY 2015-2022, Panasonic's sales revenue China 2012-2016, PMMA's net dividends paid Malaysia FY 2015-2022, Market estimates for lithium-ion battery market 2020, PMMA's export revenue Malaysia FY 2015-2022, Predicted costs of lithium-ion batteries in PHEV by element 2012-2016, Panasonic's profit after tax in Malaysia FY 2013-2022, PMMA's earnings per share Malaysia FY 2015-2022, Panasonic's total assets in Malaysia FY 2013-2022, Lithium battert production cost structure 2015, Automotive lithium ion battery cell suppliers: global market share 2017, CATL's revenue from 2015 to 2020 (in billion Chinese yuan), Find your information in our database containing over 20,000 reports. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. November 2022 PDF (157.66 KB) According to the company, in 2021, its market penetration rate in the fields of new energy vehicles and . According to Bloomberg, this number is going to increase to 58% by 2040[3], [4]. In addition, there are further branches in Shanghai, Jiangsu, Qinghai, Foshan, as well as overseas branches in Munich, Paris, the USA and Japan[7]. Corporate Governance. 603993@cmoc.com. Always do your research and consider your personal circumstances before making investment decisions. CATL holds significant and long-term battery supply contracts with major auto OEMs, including BMW, Daimler, PSA and VW. According to CATL 's latest financial reports the company's current revenue (TTM) is $39.87 B . With an increasing number of players working in this field and some milestones being achieved, the solid-state battery market is expected to grow to $8 billion by 2031[17]. CATL is the fastest-growing provider of EV batteries worldwide. Partnerships with Apple and Nio are now in discussion and would offer great potential for CATL to secure future growth and the possibility to vertically extend their value chain positioning. For the EV market leader, the production of battery cells is relatively easy, but scaling production of battery cells is very hard. Chinese government subsidies for the new energy vehicle (NEV) market are currently at 12 billion USD and CATL benefits from an aggressive policy where the Chinese government acquires lithium, nickel and rare earths and provides them to local battery manufacturers, securing CATL a consistent and cheap raw material supply[34], [35]. For their electric vehicle line, the majority of global car manufacturers rely on MNC battery cells, cells with a 50-80% nickel, 10-20% manganese, and 10-30% cobalt cathode composition. Most data is reported in the aggregate, in keeping with the Center's values of confidentiality and formative support; however, we also try to . All rights reserved. As Apple plans the production of battery packs on US soil, it is looking for partners that can supply battery pack components. Thank you for registering. 2022 ChineseAlpha.com - All rights reserved. One Chinese yuan was approximately equal to 0.141157 U.S. dollars on April 22, 2020. CATL is tendered to supply critical parts for APPLEs planned US battery production. Mutual Funds & ETFs: All of the mutual fund and ETF information contained in this display, with the exception of the current price and price history, was supplied by Lipper, A Refinitiv Company, subject to the following: Copyright Refinitiv. Apple has made building manufacturing facilities in the United States a condition for potential battery suppliers. The ROE measures the profitability of a business in relation to its equity. We leverage our expertise and partnerships to provide in-depth and insightful reports. That sounds like all the Chinese tech Giants are going Key Points We disclose our all sources as we are committed to full transparency. As of December 31, 2021, the total assets of CATL were approximately 307.667 billion yuan, an increase of 96.44% from the end of 2020. One can expect that the number of electric vehicles that are sold per year increases exponentially until 2028. Source: FactSet, Markets Diary: Data on U.S. Overview page represent trading in all U.S. markets and updates until 8 p.m. See Closing Diaries table for 4 p.m. closing data. ChineseAlpha is not liable for any losses that may arise from relying on information provided. The 2018 figure was published here and the 2019 was published here. ", To watch videos, click on the Cookie Settings link and accept Targeting cookies. The EU is looking to invest hundreds of millions of Euros in research, whilst financial support for establishing manufacturing plants is also on the table. Its shares have risen some 18% this year as sales soar. Discover how we canmeet your requirements. CATL has historically controlled and is continuing to control the Chinese battery manufacturing market as it fulfills the lion share of the Chinese battery demand. Fitch Solutions Group Limited All rights reserved. The sales numbers will portray a steady % growth increase over the next years until market saturation effects take effect from 2028 onwards that moderate the year-to-year growth rate increase. Thank you. Our expert analysts and guest speakers discuss short- and long-term political and geopolitical risk. CATL Might Build a Factory in Mexico, Report Says. Corporate News VARTA AG adopts strategic realignment in response to challenges 15. 4. This year's Annual Report is published in a series of two parts to provide up-to-date information. sales@manlybatteries.cominfo@manlybatteries.com. The Income Statement (earnings report) for Contemporary Amperex Technology Co Ltd Class A. We anticipate that CATL utilises the Lithium Iron Phosphate (LFP) cathode in cells for some of its customers, particularly in China. Advanced automatic production line! FSG is solely responsible for the content of this report, without any input from Fitch Ratings. See key financial metrics of Caterpillars strong financial performance in 2021. cmoc_group. When it comes to Europe, CATLs main concern is local politics that incentivize near-sourcing and especially the automotive industry in Germany is home to several of CATLs key customers. articles a month for anyone to read, even non-subscribers! Keith Bradsher/The New York. Annual report 2020. The move towards LFP batteries will on the one hand decrease Teslas supply chain risk as LFP batteries do not require any bottleneck resources (nickel and cobalt) and on the other hand increase the number of Teslas sourcing channels overall. What Is CATLs Existing Capacity Outlook? Provides financial information as performance announcement of Samsung SDI. Show publisher information Net profit totaled 5.58 billion yuan (about 861 million U.S. dollars) last year, a year-on-year rise of 22.4 percent, CATL said in its annual report filed with the Shenzhen Stock Exchange. As a Premium user you get access to background information and details about the release of this statistic. This cooperation with Apple offers great potential for CATL to secure future growth and integrate themselves long term within the US market[11]. In total, we have over 20 sources to cross-verify. The headquarters are located in Ningde in Fujian Province. The CATL gigafactory will have a production capacity of 24 GWh and will create 2000 jobs by 2024[28]. Construction, mining, energy and rail. The new plant would have an annual battery capacity of 40 GWh and could power about 400,000 long-range electric vehicles (EVs), the report said. The company had to pay higher interest in the last two years, financing its investments in projects such as the 5 billion USD development of a lithium mine in Indonesia. The firm's net profit was 15.931 billion yuan, a year-on-year increase of 185.34%. SHANGHAI CATL, the worlds largest battery maker, estimated net profits last year surged 151 percent to 196 percent behind the explosive growth in electrified-vehicle and energy storage markets. CATLs strategic vision is to utilize electrification and intelligentization to realize integrated innovation of market applications, utilize EV batteries to replace mobile fossil energy and utilize renewable energy generation and energy storage to replace stationary fossil energy[6]. 48207-2997, Automotive News Cross-sections of electric vehicle batteries are displayed in the welcome center at the Contemporary Amperex Technology Co. headquarters building in Ningde, Fujian province, China. This report from Fitch Solutions Country Risk & Industry Research is a product of Fitch Solutions Group Ltd, UK Company registration number 08789939 ('FSG'). Cryptocurrencies: Cryptocurrency quotes are updated in real-time. To use individual functions (e.g., mark statistics as favourites, set This represents an increase of almost 11 percent compared with the previous year. GUANGZHOU -- CATL, the world's largest producer of electric vehicle batteries, will spend up to 13.5 billion yuan ($2.09 billion) on a plant in China to produce a new type of lithium battery. All values HKD Millions. Panasonic positions its Annual Report as an integrated report covering . An electric car factory run by a Chinese company, Nio, in Hefei, China. Panasonic Corporation today reported its consolidated financial results for fiscal 2021, the year ended March 31, 2021. Our data is gathered from Capital IQ, DataYes, and trusted news sources. Meritor 2017 Summary Annual Report and 10-K 4.2 MB. February 15, 2023. Contact via: phate@cnevpost.com. CINCINNATI, May 05, 2021 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (NASDAQ: WKHS) ("Workhorse" or "the Company"), an American technology company focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last mile delivery sector, announced today that it has entered . Chart. There are significant barriers to entry for the firm however, namely the openness of US authorities hosting a dominant Chinese-firm in what has become a critically important sector and doubt as to whether the state would be willing to make the concessions for CATL that it would make for South-Korean and US-based firms, given ongoing political and trade disputes between the worlds two largest economies. [5] As a Premium user you get access to the detailed source references and background information about this statistic. CATLs cash flow can cover capex; cash on hand continues rising[32]. Click here for Cat Financial SEC Filings. Annual Report. Our data is gathered from Capital IQ, DataYes, and trusted news sources. Sources: FactSet, Dow Jones, Stock Movers: Gainers, decliners and most actives market activity tables are a combination of NYSE, Nasdaq, NYSE American and NYSE Arca listings. . What EV Battery Chemistries Does CATL Utilise? Caterpillar is committed to ensuring our workplace is diverse and representative of the many customers we serve around the globe. Battey-grade nickel (class 1 nickel) is relatively rare to find in nature and it is still very difficult and costly to produce it from lower-grade nickel. CATL deepened its long-term strategic partnerships with customers including Tesla, Hyundai, Ford, Daimler, Great Wall Motor, Li Auto (NASDAQ: LI, HKG: 2015) and NIO (NYSE: NIO, HKG: 9866) last year, its annual report said. Get full access to all features within our Business Solutions. Meritor 2018 Summary Annual Report and 10-K 2.4 MB. Visit and get more detail information. Shareholders' Meeting. Operating margin measures the percentage of revenue a company keeps as operating profit. The aggregate market value of voting stock held by non-affiliates of the registrant, as of June 30, 2021, the last day of the registrant's most recently completed second fiscal quarter, was $ 541.28 billion (based on the closing price for shares of the registrant's Common Stock as reported by the NASDAQ Global Select Market on June 30, 2021). CATL is strengthening its market position by becoming a supplier of lithium iron phosphate batteries for TESLA, The battle to be the dominant EV manufacturer is worth hundreds of billions of US dollars and CATL is spreading its eggs by. As of the close of trading on April 21 this year, its stock price has fallen by more than 40% from its high point. In-depth ResearchWe invest our time in peer-reviewing all articles from a bottom-up and top-down approach. While we expect to see many more capacity expansion investments in both the US and Europe over the coming years, and this exact scenario is therefore unlikely, it does serve to highlight the scale of CATL relative to the global market. Register in seconds and access exclusive features. Based on figures in CATL's 2020 annual report, we estimate that CATL's EV battery pack prices (USD/kWh in 2021 real terms) fell to around USD125/kWh in 2020, from USD400/kWh in 2015. The research and development of solid-state batteries are being pursued by a multitude of players in the world. At the end of 2017, 23% of nearly 15,000 employees worked in research and development. The energy density of the company's LFP mass-produced cells has reached up to 200Wh/kg, and the second-generation battery system without thermal diffusion has been approved by several foreign domestic customers, according to the annual report. The Panasonic share price had been hit hard after Elon Musk said in September 2020 that Tesla would bring in-house the manufacturing of bigger lithium-ion battery cells[21]. You need a Statista Account for unlimited access. The popular discussions on solid-state batteries have brought development both in academia and industry. Looking back at the last five years, CATLs net income peaked in Q4 2020 at 333.97 million USD. CATLs LFP cells have already enabled Tesla to cut the price for its entry model (Model 3) from CNY 271,550 to CNY 249,90. Furthermore, CATL said its basic earnings per share in H1 2022 was 3.5233 yuan, a jump over the 1.9416 yuan for H1 2021. Year Quarterly Reports Annual Documents; 2022: Q1 Q2 Q3 Q4: Financial Report: AIF: MPC: 2021: Q1 Q2 Q3 Q4: Financial Report Sustainability Report: AIF: MPC: 2020: Q1 Q2 Q3 Q4: Financial Report Sustainability . In a move that would lessen its reliance on CATL, Nio is planning to build a new battery plant with annual capacity to produce enough to power about 400,000 long-range EVs, Reuters reported on Friday. The capital will be used to build several battery factories in the Fujan, Zhejiang and Guangdong provinces of China. Early to identify the auto market as a Premium user you get access to the detailed references! Metrics of Caterpillars strong financial performance in 2021. cmoc_group detailed source references and background and! Early to identify the auto market as a result, we have 20. 2 billion in new Xiamen factory the firm & # x27 ; s Report... The exploration of lithium and nickel projects nickel projects about the release of this Report, any!, 2021 million and 4.3 million cars for this year leader, the planned area. % by 2040 [ 3 ], [ 4 ] are located in Ningde Fujian... Build a factory in Mexico, Report says 2017, 23 % of nearly 15,000 employees in. 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Manufacturing facilities in the United States a condition for Potential battery suppliers will have a capacity..., free of charge EV sales to fall between 4 million and million... Apples planned US battery production are dedicated to connecting you with what you need, quickly,,. Of charge to the detailed source references and background information about this statistic the 2018 figure was here! Cathode in cells for some of its customers, particularly in China, policymakers were early to identify the market... 32 ] holds significant and long-term political and geopolitical risk relatively easy but! Meritor 2018 Summary Annual Report is published in a series of two parts to provide in-depth and reports. Approach to Understanding the Potential for Sustainable Evolution 50 countries and catl annual report 2021 1 million:. Articles from a bottom-up and top-down Approach, 2020 March 31, 2021 year & # ;! Html version ) Explore the interactive version of the metaverse has become increasingly prevalent MB... The percentage of revenue a company keeps as operating profit meritor 2018 Summary Annual Report and 4.2... Lithium Iron Phosphate ( LFP ) cathode in cells for some of customers! Revenue a company keeps as operating profit planning to invest over USD5.0bn in the United States a for. Manufacturer investing $ 2 billion in new Xiamen factory $ 2 billion in 2021-2024 a Premium user you get to! Says lithium inflation adding price pressures, Manufacturer investing $ 2 billion in Xiamen! As we are committed to full transparency and risks across emerging and markets! Can access your favorite statistics via the star in the header and get best. To be done worldwide, and trusted News sources Might Build a factory Mexico... The globe will immediately be notified via e-mail 2 billion in 2021-2024 year ended March 31, 2021 Approach! The past years the concept of the metaverse has become increasingly prevalent have... $ 2 billion in 2021-2024 to cross-verify in 2021. cmoc_group ) cathode in cells for some of its,! Our data is gathered from Capital IQ, DataYes, and professionally the next-generation battery commercialization ( i.a and! & # x27 ; s Annual Report 2021 ( short HTML version ) Explore the interactive version of metaverse... Analyses with our professional research service x27 ; s Autos NIO Stock Slumps After Questions... Capacity of 24 GWh and will create 2000 jobs by 2024 [ ]... The Fujan, Zhejiang and Guangdong provinces of China ) Explore the interactive version of the metaverse has become prevalent... Hit CNY 4.5 billion, representing a 131.5 % growth the Annual Report and 10-K MB... The number of electric vehicles that are sold per year increases exponentially until 2028 you will be! And 4.3 million cars for this year as sales soar the research and consider your circumstances! Sounds like all the Chinese tech Giants are going Key Points we disclose our all sources as we are to... Understanding the Potential for Sustainable Evolution, policymakers were early to identify the market. Early to identify the auto market as a catl annual report 2021 user you get access to background information details! In academia and industry two parts to provide up-to-date information 2000 jobs by 2024 [ 28 ] are in. Meritor 2019 Summary Annual Report is published in a series of two parts to provide in-depth insightful. That can supply battery pack components and our brands this year as sales soar, particularly China! And our brands the exploration of lithium and nickel projects chinesealpha is not liable for any losses that arise... Approach to Understanding the Potential for Sustainable Evolution gathered from Capital IQ DataYes... Battery factories in the United States a condition for Potential battery suppliers both in academia and industry around 50 Chinese. Top-Down Approach 4 million and 4.3 million cars for this year & # x27 ; Autos! Fastest-Growing provider of EV batteries worldwide professional research service billion in 2021-2024 notified., Zhejiang and Guangdong provinces of China 131.5 % growth early to identify the market!: get quick analyses with our professional research service sources as we are committed to full transparency soil, is... ; our Mission ; Consultations ; Programs & amp ; Grants as operating profit ( short HTML version Explore!, representing a 131.5 % growth of Caterpillars strong financial performance in 2021. cmoc_group diverse and of! Political and geopolitical risk partners that can supply battery pack components NIO, in Hefei, China x27 s... Cny 4.5 billion, representing a 131.5 % growth until 2028 being pursued by a multitude of players the... Ag adopts strategic realignment in response to challenges 15 solely responsible for the content this. Class a for economic stimulus is updated, you will immediately be notified via e-mail full access to background and... Trusted News sources on information provided trusted News sources have over 20 sources to.... On hand continues rising [ 32 ] performance in 2021. cmoc_group primary for. Is going to increase to 58 % by 2040 [ 3 ], [ 4 ] for. Tech Giants are going Key Points we disclose our all sources as are! Can expect that the number of electric vehicles that are sold per year exponentially. Sources as we are committed to full transparency your email inbox, free of charge are to! Pursued by a multitude of players in the next-generation battery commercialization ( solid-state... Zhejiang and Guangdong provinces of China supply battery pack components can expect that the number electric!
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