CATL Pairs Australian Storage Debut With Sodium-Ion and Swap Push as Margins Face Scrutiny
Published on 11/01/2026 at 23:30 | Editorial boerse-global.de
CATL used the All Energy Australia stage in Melbourne to give its TENER+ energy storage system its global premiere on Thursday, unveiling a unit rated at 9 MWh. Alongside the launch, media reports said the company signed letters of intent with Hitachi Energy, EPEC Group and UNSW Sydney aimed at backing large-scale battery storage projects across Australia.
The Australian showcase is only one strand of a broader push. At the start of November, CATL moved to deepen its bet on energy storage and battery swapping, creating a storage subsidiary with planned registered capital of RMB 5 billion. The vehicle's business plan also takes in AI software. A sodium-ion venture with Intilion, sized at 3 GWh, rounds out the announcements.
Those figures describe how the subsidiary will be funded, not the revenue or profit it will generate — a distinction worth keeping in mind when weighing the expansion.
Crowded Ground
WaterRock Energy Economics reckons competition in the targeted segments is already fierce. In storage, CATL runs into BYD; in battery swapping, Nio stands in the way. The expansion, in other words, does not lead into unoccupied territory.
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Carmakers, meanwhile, are lining up alternative cell suppliers. Li Auto took a RMB 2.65 billion stake in Sunwoda Power in September and holds 8.32% of the company. Xiaomi also bought in. The two automakers run a joint battery venture, and the latest-generation Li Auto L8 uses Sunwoda cells exclusively.
Such moves matter to CATL because they strengthen rival supply relationships. Back in 2023, the company offered selected automakers lithium carbonate at RMB 200,000 per tonne, provided they sourced roughly 80% of their battery needs from CATL over three years. The Sunwoda investments show that carmakers are charting their own courses alongside — or instead of — such long-term commitments, raising the value to CATL of sales channels beyond its established customer base.
Technology Pipeline
Solid-state batteries remain a priority. CATL told investors on Tuesday that it will keep funding the technology, with small-series production targeted for 2027.
On swapping, the company agreed on 22 October to deepen cooperation with the BAIC Group. According to media reports, the signed accord covers adapting several BAIC brands to CATL's swap system, with the partners also planning to build out the associated network.
There was a legal reprieve in Hungary as well. A court on Friday dismissed a lawsuit brought by residents against the Debrecen battery plant, Reuters reported, on the grounds that the plaintiffs lost standing after the permitting documents were revised. The court also found no regulatory breaches in the approval process, according to the report. The ruling removes a legal burden less than a month after trial production began.
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Earnings Lag Revenue
Third-quarter 2026 figures showed revenue of RMB 165.22 billion, up 58.6% year on year. Net profit attributable to shareholders came in at RMB 21.25 billion, a gain of 14.5% — meaning earnings growth trailed the top line.
Brokers have taken note. Morgan Stanley has flagged pressure from price competition, and Nomura cut its CATL profit forecasts for 2026–2028 in October by as much as 10.2%.
The new business lines thus answer economic pressure without yet proving it has been overcome. Storage and swapping widen CATL's footprint, but whether that translates into profitable growth depends on how the company holds its own against entrenched rivals. For investors, the gap between announced expansion and hard earnings contributions is where the real test lies.
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