---
endpoint: analytics
pattern: Energy
status: done
latency_ms: 175719
conversation_id: 4fa26c7e-650d-4591-b668-8895944411d7
citations: 11
created: 2026-05-31 21:16:17Z
---

# Who are the key customers and suppliers of CATL?

# CATL (300750 CH / 3750 HK) — Key Customers and Suppliers

CATL is the world's #1 EV battery manufacturer with ~40% global market share in EV batteries and ~52% share in China's premium passenger EV segment in 2024 [1]. Its customer base spans both global automakers and Chinese OEMs, while its supplier network includes the leading lithium, cathode, anode, and electrolyte producers in China.

## Key Customers (Auto OEMs)

### Global / Western OEMs
CATL "commands dominant market share of its EV battery makers, (e.g. Tesla, Volkswagen, BMW, Mercedes, Ford, GM and etc)," with sales to a broad list of EV makers underpinning its premium-segment positioning [1].

| OEM | Relationship Details |
|---|---|
| **Tesla** | Signed a *Production Pricing Agreement (China)* in February 2020 for the supply of lithium-ion power battery products to Tesla, Inc. and Tesla (Shanghai) Co., Ltd. — initial term 1 July 2020 to 30 June 2022 (with subsequent renewals) [10] |
| **Volkswagen** | CATL's German Thuringia (Erfurt) plant has "obtained dual certification from the Volkswagen Group Module Testing Laboratory and Cell Testing Laboratory" — a critical qualification for VW Group cell supply [11] |
| **Stellantis** | December 2024: announced a **50:50 JV** with Stellantis to build a 50GWh battery plant in Zaragoza, Spain. Total capex ~US$4.6bn (€4.1bn); operations expected by end-2026 [3][5] |
| **BMW, Mercedes-Benz, Ford, GM** | Identified as recurring customers within CATL's dominant global EV-battery customer roster [1] |
| **Honda** | Signed a *Global Partnership Agreement* in July 2020 to deepen long-term strategic cooperation [10] |

### Chinese OEMs — Joint-Venture Customers
CATL has formed dedicated battery JVs with each of the top Chinese state-owned automakers, locking in captive demand [2]:

| JV / Subsidiary | Customer OEM | Location |
|---|---|---|
| **CATL-Geely EV Battery Co., Ltd.** | Geely | Yibin, Sichuan |
| **CATL-FAW Auto Battery Co., Ltd.** | FAW Group | Xiapu, Ningde |
| **CATL-GAC EV Battery Co., Ltd.** | GAC | Guangzhou |
| **Dongfeng Amperex (Wuhan) Battery System** | Dongfeng | Wuhan |
| **United Auto Battery Co., Ltd.** | SAIC (with consortium) | Liyang, Changzhou |

These JVs sit alongside its direct supply to NEV brands including NIO, Xpeng, Li Auto, and Xiaomi (as referenced across CLSA's CATL coverage).

### Europe expansion supporting OEM customers
CATL's European market share reached **38% as of 1Q25** and is still rising — supported by three manufacturing facilities [4]:

| Plant | Country | Capacity | Capex (US$bn) | Start | Notes |
|---|---|---|---|---|---|
| Thuringia (Erfurt) | Germany | 14 GWh | 2.0 | End-2022 | Achieved breakeven in 1Q25; VW-certified [5][11] |
| Debrecen | Hungary | Phase I: 34 / Phase II: 38 / Phase III: 28 GWh | 8.2 | Phase I end-2025 | 90% of CATL's US$4.6bn HK IPO proceeds earmarked here [5] |
| Zaragoza | Spain | 50 GWh | 4.6 | End-2026 | 50:50 JV with Stellantis [5] |

Total designated European capacity will reach **164 GWh** upon completion, positioning CATL as the dominant non-European battery supplier to European OEMs following Northvolt's bankruptcy [3][4].

## Key Suppliers (Upstream Battery Materials)

CATL's procurement spans the full battery materials value chain — cathode, anode, electrolyte, separator, lithium, cobalt, nickel — sourced primarily from Chinese specialists. CLSA's "China Transitional Energy Materials" sector framework positions the following as CATL's principal supplier ecosystem [9]:

### Lithium (raw resource)
- **Ganfeng Lithium (002460 CH / 1772 HK)** — China's leading lithium chemicals producer; CLSA HLD-rated alongside CATL's battery materials & resources segment, which is "traded at a discount" to industry leaders Tianqi Lithium & Ganfeng [6][9]
- **Tianqi Lithium (002466 CH / 9696 HK)** — second major lithium upstream supplier, peer-grouped with Ganfeng in CLSA's CATL valuation comps [6][9]

### Cathode materials
- **Zhejiang Huayou Cobalt (603799 CH)** — diversified exposure across cobalt and nickel resources to NCM precursor and NCM cathode materials; a key CATL supplier in the high-nickel chemistry pathway [9]

### Electrolyte
- **Shenzhen Capchem Technology (300037 CH)** — "one of the leading domestic electrolyte producers" for the lithium-ion battery chemical segment, with diversified overseas clientele and a passive-formula production model that secures stable market share [7]

### Anode
- **Ningbo Shanshan (600884 CH)** — "one of the top two anode makers with exposure in silicon-based anode," positioned to benefit from the transition to next-generation battery materials (also global leader in polariser post LG Chem acquisition) [8]
- **BTR / Putailai** — referenced as silicon-anode peers in CLSA's valuation framework, with BTR being "the closest pure anode maker" [9]

### Recycling / closed loop
- **Guangdong Brunp Recycling Technology Co., Ltd. (Foshan)** — a CATL subsidiary that handles battery materials recycling and recovery [2]

## Customer Concentration & Strategic Read

- CATL's customer mix is increasingly **diversified between Chinese NEV champions** (via JVs with Geely, FAW, GAC, Dongfeng, SAIC) **and global premium OEMs** (Tesla, VW, BMW, Mercedes, Ford, GM, Stellantis, Honda) — limiting single-customer concentration risk [1][2][10].
- The **52% share of China's premium passenger EV market** explains CATL's superior margins (24.4% gross margin in 1Q25, +1.3ppt YoY) — premium OEMs pay higher ASPs for high-end cells [1].
- On the supplier side, CATL has pursued **vertical integration** through its own "Battery materials & resources" segment (valued at Rmb104bn / Rmb22.8/share in CLSA's SOTP) — keeping in-house an LFP/NCM materials capability while sourcing the bulk of upstream lithium, cathode, anode, and electrolyte from external Chinese specialists at scale [9].
- **Recent strategic supplier-customer announcement (June 2025)**: CATL covered alongside other key China auto names in CLSA's "All Things China" daily — confirming continued newsflow on European JVs and Chinese OEM partnerships.

---

**Sources**
[1] CATL — A new era (HC O-PF), CLSA, 20 May 2025 — 607959766LinqAlpha.PDF (Form 4S filing highlights — 52% premium-EV share / 40% global share; customer list includes Tesla, VW, BMW, Mercedes, Ford, GM)
[2] CATL — A new era (HC O-PF), CLSA, 20 May 2025 — 607959766LinqAlpha.PDF (Production bases, R&D centres, subsidiaries and JV list including CATL-Geely, CATL-FAW, CATL-GAC, Dongfeng Amperex, United Auto Battery)
[3] CATL — A new era (HC O-PF), CLSA, 20 May 2025 — 607959766LinqAlpha.PDF (December 2024 Stellantis 50:50 JV in Spain, 50GWh, US$4.6bn capex)
[4] CATL — A new era (HC O-PF), CLSA, 20 May 2025 — 607959766LinqAlpha.PDF (38% Europe market share as of 1Q25)
[5] CATL — A new era (HC O-PF), CLSA, 20 May 2025 — 607959766LinqAlpha.PDF (European manufacturing facilities table — Thuringia, Debrecen, Zaragoza)
[6] CATL — A new era (HC O-PF), CLSA, 20 May 2025 — 607959766LinqAlpha.PDF (SOTP segment valuation; battery materials & resources discount vs Tianqi/Ganfeng)
[7] China Transitional Energy Materials (Leading through the trough), CLSA, 28 Feb 2025 — 607951670LinqAlpha.PDF (Capchem electrolyte investment thesis)
[8] China Transitional Energy Materials (Leading through the trough), CLSA, 28 Feb 2025 — 607951670LinqAlpha.PDF (Ningbo Shanshan anode/polariser thesis)
[9] CATL — A new era (HC O-PF), CLSA, 20 May 2025 — 607959766LinqAlpha.PDF (Valuation comps table — CATL vs battery peers and battery materials & resources producers including Tianqi, Ganfeng, GEM)
[10] CATL 2020 Annual Report (300750.SZ) — Tesla *Production Pricing Agreement* (Feb 2020) and Honda *Global Partnership Agreement* (Jul 2020)
[11] CATL Investor Relations Event Log — German factory dual-certification by Volkswagen Group Module and Cell Testing Laboratories

## Citations

- [1] **607959766LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607959766LinqAlpha.PDF>
- [2] **607959766LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607959766LinqAlpha.PDF>
- [3] **607959766LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607959766LinqAlpha.PDF>
- [4] **607959766LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607959766LinqAlpha.PDF>
- [5] **607959766LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607959766LinqAlpha.PDF>
- [6] **607959766LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607959766LinqAlpha.PDF>
- [7] **607951670LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/02/607951670LinqAlpha.PDF>
- [8] **607951670LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/02/607951670LinqAlpha.PDF>
- [9] **607959766LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607959766LinqAlpha.PDF>
- [10] **宁德时代：2020年年度报告** · external
- [11] **Investor Relations Event Log - July 26, 2024** · external

