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With new battery maker IPO, China still leading on electric vehicles

Byton electric vehicle
An electric vehicle from Chinese start-up Byton, powered by a CATL battery. Photo: VCG via Getty Images

Following its IPO this month, Chinese lithium-ion battery manufacturer CATL became one of the highest-valued companies on the ChiNext stock exchange. Founder Zeng Yuqun, vice chairman Huang Shilin and shareholder Pei Zhenhua have become newly minted billionaires.

Why it matters: Founded 7 years ago, CATL has the largest market share of battery makers in China and recently surpassed Panasonic as the world’s largest supplier of electric vehicle (EV) batteries.