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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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Toyota-Panasonic battery JV to boost efficiency to catch up with Chinese rivals

10/27/2020 | 03:42am EST
A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 in Chiba

TOKYO (Reuters) - A joint battery venture of Toyota Motor Corp and Panasonic Corp aims to boost efficiency of development and production processes by 10 times to better compete with larger Chinese rivals, its chief said on Tuesday.

The venture, Prime Planet Energy & Solutions Inc, is now the world's largest supplier of batteries for hybrid vehicles, and was created in April by pooling part of the battery-related equipment and engineers of the two firms.

But it has a share of only 3% in the high-capacity battery market for electric vehicles, lagging far behind China's Contemporary Amperex Technology Co Ltd (CATL) with a share more than 20%.

Prime Planet is moving to standardise battery designs and helping streamline operations of materials suppliers, its president, Hiroaki Koda, told a news conference.

"With efficiency ten times higher, we can win over the Chinese," Koda added.

Toyota, which targets electrified vehicles to bring in half its global sales by 2025, has also partnered with CATL and Chinese EV maker BYD Co Ltd for battery procurement.

Koda declined to give a time frame for the efficiency target or the scale of consequent cost reduction, but said the company would probably improve by five to six times the next version of its product, now being worked on.

Asked about Tesla Inc's promise to halve battery costs over the next several years with new technology and processes, Koda said Prime Planet had similar plans regarding technology.

"Tesla publicly announced that, so it means they will do it," said Koda, a former procurement executive at Toyota. "I respect that."

Prime Planet has taken over Panasonic's business in thin, rectangular-shaped prismatic batteries, while Panasonic retained its business with Tesla for cylindrical batteries of a type similar to those used in laptops.

(Reporting by Makiko Yamazaki; Editing by Clarence Fernandez)

By Makiko Yamazaki


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED -0.36% 245.34 End-of-day quote.130.58%
KODA LTD 0.00% 0.475 End-of-day quote.-19.49%
PANASONIC CORPORATION 0.13% 1126.5 End-of-day quote.9.42%
TESLA, INC. 2.05% 585.76 Delayed Quote.600.12%
TOYOTA INDUSTRIES CORPORATION 0.65% 7770 End-of-day quote.22.75%
TOYOTA MOTOR CORPORATION -0.67% 7301 End-of-day quote.-5.35%
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Financials
Sales 2020 49 023 M 7 457 M 7 457 M
Net income 2020 5 079 M 773 M 773 M
Net cash 2020 35 725 M 5 434 M 5 434 M
P/E ratio 2020 110x
Yield 2020 0,09%
Capitalization 564 B 85 704 M 85 752 M
EV / Sales 2020 10,8x
EV / Sales 2021 7,90x
Nbr of Employees 26 775
Free-Float 99,1%
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Technical analysis trends CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 242,40 CNY
Last Close Price 242,00 CNY
Spread / Highest target 32,2%
Spread / Average Target 0,17%
Spread / Lowest Target -78,9%
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
Sector and Competitors
1st jan.Capitalization (M$)
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