CATL has been benefiting lately from lower prices of key inputs. The spot price of lithium carbonate in China — a crucial raw material for EV batteries — has dropped around 84% from a peak in November 2022. Nickel has also been on a wild ride, with oversupply precipitating a more than 60% decline in prices from their 2022 peak.
Zeng, 56, founded CATL in 2011, a time when policymakers in China were making electric vehicles a national development priority. The company went public in 2018, and its success has made Zeng, who has a doctorate in condensed matter physics, a billionaire many times over. His net worth is around $27.2 billion, according to the Bloomberg Billionaires Index.
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