JPMorgan issued a research report commenting on the recent sharp decline in CATL's share price triggered by some new energy vehicle makers' moves to 'de-CATLize'. JPMorgan believes CATL's technology remains the industry's top choice and maintains a structural leading position; narrowing technological gaps among automakers do not equate to the disappearance of CATL's competitive advantages.
In its research report, JPMorgan explained that over the past five years, second-tier suppliers have indeed significantly narrowed the gap with CATL in terms of energy density and fast-charging performance of lithium iron phosphate batteries. However, as battery technology matures, competitive focus has shifted toward manufacturing consistency, degradation performance, safety, reliability, and real-world usage records, where CATL maintains a leading industry position. The bank also cited a NielsenIQ survey report indicating that 79% of global consumers said a well-known battery brand would increase their willingness to purchase an electric vehicle, and 76% would pay a premium for vehicles equipped with high-quality batteries; among them, 37% of Chinese consumers stated they would reconsider their purchase decision if their preferred car model does not come with a CATL battery.
The bank further pointed out that CATL currently still holds 76% of China's NCM battery market share and dominates supply for numerous high-end electric vehicle platforms. In the technological direction of next-generation semi-solid-state batteries, CATL continues to maintain a leading position. (am)