(April 15): China’s biggest electric-vehicle battery-maker, Contemporary Amperex Technology Co Ltd (CATL), is planning to set up a new unit to ensure its supply-chain security and stability.
The company said its board has approved a plan to set up a new unit with a registered capital of 30 billion yuan (US$4.4 billion), according to a statement on Wednesday. The business scope includes mineral resources exploration, metals processing, and sales of chemical products.
The unit will serve as a management and operation platform in the new-energy mining sector, CATL said in the statement. It will integrate existing mining-related assets, and “actively” expand into domestic and international resource projects.
Bloomberg News reported last week that CATL has also tapped the founder and ex-chairman of Zijin Mining Group Co Ltd as an adviser for its growing mining business, according to people familiar with the matter.
In a separate statement on Wednesday, CATL posted a 49% jump in net income in the first quarter to 20.7 billion yuan, beating analysts’ estimates. Revenue reached 129 billion yuan, up 52% from a year ago, the company said.
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