CATL Extends Global Battery Lead as Buyback Cancellation and Aviation Pacts Broaden Its Story
Published on 11/08/2026 at 17:02 | Editorial boerse-global.de
CATL's grip on the electric-vehicle battery market beyond China tightened again, with fresh SNE Research figures showing the company at a 33.7% share over the first nine months of 2026. Installed capacity for the period climbed 46.7% year on year, and the 143.7 GWh it put into vehicles kept it comfortably in first place among suppliers outside the Chinese mainland. The data was published on Thursday.
That operational momentum, however, sits alongside a more awkward question for the balance sheet: how much of the battery levy can be passed through to customers. JPMorgan flagged the difficulty on Friday as it trimmed its earnings forecasts, noting that shifting tax costs onto buyers has proven harder than the bank had assumed. The brokerage also applied lower per-unit profit assumptions across Chinese battery manufacturers.
Two Listings, Two Targets
The revisions came with a split verdict on CATL's dual listings. For the H-shares, JPMorgan cut its price target to HK$420 from HK$440 while keeping a Neutral rating. The A-share target moved down to RMB300 from RMB310, with an Overweight recommendation maintained.
On the numbers, the bank now projects a net profit of RMB 84.8 billion for 2026 and RMB 89.1 billion for 2027 — both estimates rather than reported results. CATL's stock fell 3.7% on Friday, though no direct link between the day's decline and the analyst action has been established.
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Buyback Shares Headed for Cancellation
Separately, CATL intends to cancel the A-shares it has repurchased under an existing buyback mandate sized at between RMB 20 billion and RMB 40 billion. The cancellation is planned but has not yet been reported as completed.
Storage Deals Stack Up Across Three Continents
Beyond cars, the company has been busy stitching together energy-storage agreements. On 27 October, CATL and INTILION signed a letter of intent covering 3 GWh of storage systems to be deployed over five years, targeting Germany, Switzerland, Austria and further markets.
A day earlier, CATL subsidiary Ampace had reached its own memorandum with Octopus Energy to explore home storage, smart energy management and clean-energy services — including the possible use of sodium-ion batteries. That European thread continued on 30 October, when CATL, Ampace and Octopus Energy agreed a letter of intent to examine intelligent home-storage solutions. Under the arrangement, Octopus would contribute software and customer platforms while CATL and Ampace supply battery technology and hardware. The pact covers exploration of cooperation rather than execution.
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Down under, CATL unveiled its TENER+ storage system at All Energy Australia 2026 on 29 October and signed partnership letters of intent with Hitachi Energy, EPEC Group and UNSW Sydney.
An Aviation Battery for SKYLA
The diversification stretches into the air as well. On 2 November, CATL and Blue Vector reportedly signed agreements on strategic cooperation and product development. Blue Vector has selected CATL as exclusive battery partner for its SKYLA V30 aircraft, an electric vertical take-off and landing vehicle, with CATL to develop a bespoke aviation battery for the programme.
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