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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Contemporary Amperex Technology Co., Limited    300750   CNE100003662

CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED

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China's SVOLT to supply cobalt-free EV batteries to Great Wall

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09/28/2020 | 07:31am EDT
FILE PHOTO: New battery cell-plant is pictured at SVOLT Energy Technology, which was carved out of China's Great Wall Motor Co, in Changzhou

Chinese electric vehicle (EV) battery maker SVOLT Energy Technology will supply a new, cobalt-free battery to carmaker Great Wall Motor next year, its president told Reuters on Monday.

The battery will use around 75% nickel, 25% manganese and a minor percentage of other metals to boost performance. It differs from current mainstream nickel-cobalt-aluminium (NCA) batteries, nickel-cobalt-manganese (NCM) batteries or lithium iron phosphate (LFP) batteries.

Companies from Panasonic to CATL are working on lowering content of cobalt in their batteries because of its financial cost and the reputational cost of a metal associated with poor safety conditions at artisanal mining operations.

SVOLT's President Yang Hongxin told Reuters in an interview that SVOLT is testing cars with the new battery with Great Wall with plans to sell the vehicles from next year.

Yang said the two-year-old company is finalising the location of its first European plant and will open a new research centre in China's eastern city of Wuxi. It is making EV batteries in Wuxi's neighbouring city Changzhou.

SVOLT is in talks with investors to raise 2 to 3 billion yuan ($293 million to $440 million) and hopes to apply for a listing on China's STAR market in 2022, Yang said. He did not elaborate.

SVOLT's move comes after Tesla Inc outlined a plan to halve the cost of its electric vehicle batteries by recycling batteries and reducing cobalt - one of the most expensive battery materials - to virtually zero.

($1 = 6.8228 Chinese yuan renminbi)

(Reporting by Yilei Sun and Brenda Goh; Editing by Susan Fenton)


Stocks mentioned in the article
ChangeLast1st jan.
CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED 3.62% 233.15 End-of-day quote.119.13%
GREAT WALL MOTOR COMPANY LIMITED -0.76% 13.1 End-of-day quote.127.43%
PANASONIC CORPORATION 1.48% 907.5 End-of-day quote.-11.85%
TESLA, INC. -1.21% 415.64 Delayed Quote.402.75%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.58% 6.70329 Delayed Quote.-4.24%
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Financials
Sales 2020 49 898 M 7 464 M 7 464 M
Net income 2020 5 134 M 768 M 768 M
Net cash 2020 20 577 M 3 078 M 3 078 M
P/E ratio 2020 100x
Yield 2020 0,11%
Capitalization 524 B 78 383 M 78 401 M
EV / Sales 2020 10,1x
EV / Sales 2021 7,39x
Nbr of Employees 26 775
Free-Float 98,8%
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Technical analysis trends CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 220,91 CNY
Last Close Price 225,00 CNY
Spread / Highest target 42,2%
Spread / Average Target -1,82%
Spread / Lowest Target -81,8%
EPS Revisions
Managers
NameTitle
Jia Zhou General Manager & Director
Ying Ming Wu Chairman-Supervisory Board
Yu Qun Zeng Chairman
Shu Zheng Chief Financial Officer
Ping Li Vice Chairman
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