Battery Cells & Pack Manufacturing

Amprius Technologies announced in late September 2026 that it entered into a US$75 million fixed-price Other Transaction Agreement with the U.S. Government for Project acCELLerate, alongside a separate U.S. Department of War IBAS grant, to build secure domestic high-energy density battery production for small unmanned aerial systems. The awards position Amprius to retrofit an existing South Korea-linked EV battery line into a U.S.-compliant facility capable of producing 12 million silicon-anode cells annually for NDAA-compliant defense customers. The company had already lifted its August 2026 guidance to at least US$140 million in full-year revenue with a narrower net loss. Amprius' narrative projects US$415.0 million in revenue and US$53.6 million in earnings by 2029, yielding a US$22.12 fair value, while the most cautious analysts assume about US$362 million of revenue and roughly US$40 million of earnings by 2029. The growing dependence on government-backed drone programs also concentrates risk should procurement cycles shift.

Goldman Sachs has identified Contemporary Amperex Technology Co and Jiangsu Zenergy Battery Technologies Group as its top picks in China's battery sector. CATL, the world's largest battery manufacturer, ranks first on leading scale, battery technology and cost competitiveness, with Goldman Sachs setting a 12-month price target of HK$947 for its H-shares and RMB565 for its A-shares under a sum-of-the-parts valuation. The bank points to CATL's shift from cells to integrated energy solutions as a key value driver, supporting share consolidation, higher project value capture, recurring service revenue and stronger margins. Zenergy takes second place as an underappreciated high-growth EV battery platform founded in 2019, benefiting from auto-component expertise inherited from Fuyao Glass and described by Goldman Sachs as the fastest EBITDA growth in its coverage universe. The bank maintains a Buy rating on Zenergy with a price target of HK$9, noting it trades at a significant discount to peers. Risks cited for both names include slower-than-expected EV and energy storage demand, rising raw material costs and intensifying competition.

Gotion has launched global delivery for what will be Africa's largest AC-coupled energy storage project, with the first 50 heavy-duty trucks carrying its self-developed Gotion Grid 5MWh storage systems departing simultaneously from its Jinzhai and Nantong facilities on Sept. 28. The shipment came within three months of signing, a pace Gotion attributes to its vertically integrated supply chain and upstream-downstream coordination. The Gotion Grid systems will serve Egypt's Nefertiti and Horus projects, the country's first large-scale standalone storage projects and, once completed, Africa's largest standalone storage facilities. Developed by AMEA Power and built by China Energy Engineering Group, the projects are designed to strengthen grid stability, support solar and wind integration, and advance Egypt's 2030 clean energy goals, with systems upgraded for extreme heat, sandstorms and salt fog and offering high-voltage stability, high safety and millisecond-level response. Hussain Al Nowais, Chairman of AMEA Power, said the shipment opens a new stage of broader cooperation, while Li Chen, Senior Vice President of Gotion and President of Gotion Americas, called Egypt Gotion's key step into the Middle East and North Africa.

The 15th Five-Year Plan for the Development of the New Battery Industry, jointly formulated by seven departments including the Ministry of Industry and Information Technology, was officially released on September 28, proposing that all-solid-state batteries achieve initial large-scale application by 2030. Boosted by this news, the solid-state battery concept surged again on the morning of September 30, with Transart Technology, Shanghai Xiba, and Xin Ya Zhi Cheng hitting limit up, while lithium battery materials company Lopal Technology was pulled up to a 9.99 percent limit-up. The plan makes arrangements for developing advanced battery materials and high-end manufacturing equipment, proposing to develop isostatic pressing equipment for solid-state batteries, and to develop solid-state electrolytes such as sulfide and halide materials with high air stability, as well as high-performance polymer composite solid-state electrolytes. Lopal Technology recently stated that its solid-state battery precursor product D392 is a high-nickel ternary precursor material tailored for solid-state batteries and launched by its wholly owned subsidiary Sanjin Lithium. Through measures such as element doping and structural adjustment, it has been made more stable, safer, and longer-lasting, and can better solve problems in solid-state batteries such as cracking of cathode materials and high-temperature decomposition of materials.

Chinese battery maker Gotion High-Tech will invest 1.1 billion euros, or 1.25 billion dollars, in Volkswagen's plant in Valencia in eastern Spain. As part of a broad partnership plan to jointly build a European battery supply chain, the investment will give Gotion High-Tech a 49 percent stake in VW battery unit PowerCo's Valencia plant, with PowerCo retaining a majority stake. The plant will become the European production base for lithium iron phosphate batteries. PowerCo, meanwhile, will invest 470 million euros in two of Gotion High-Tech's sites, a battery plant in Suraly in southern Slovakia and a new cathode materials production facility in Kenitra in northwestern Morocco, taking a 49 percent stake in each. Volkswagen is Gotion High-Tech's sole largest shareholder, holding 24 percent.

Solar, energy storage and lithium battery sectors are getting a boost from multiple positive catalysts. According to industry information, 11 polysilicon producers discussed controlling operating rates at around 35% starting in October. If the production cuts are carried out as planned, they would help ease inventory pressure and shift industry competition from low-price capacity expansion toward a rebalancing of supply and demand. In energy storage, Nvidia launched the DSX Ready certification program, bringing battery energy storage systems into the category of core equipment for AI factories, with a focus on fast response, stable power supply and power quality. Energy storage is thus extending beyond traditional peak shaving and valley filling to ensuring the stable operation of computing infrastructure. In lithium batteries, CATL's battery cell plant in Debrecen, Hungary began trial production on September 22, marking the entry of localized European capacity into the equipment and process validation stage. Guosheng Securities noted that expectations for polysilicon production cuts are clear, and supply contraction is expected to help stabilize prices along the industrial chain. From October, the industry's overall operating load is expected to fall to around 35%, and some downstream companies have already begun gradually restocking. Polysilicon producers are showing a stronger willingness to hold prices, generally using full cost as the floor for quotations. As of 1:39 p.m. on September 28, 2026, the STAR Innovation Energy ETF managed by Penghua, ticker 588830, saw its underlying index, the SSE STAR Market New Energy Index, ticker 000692, fall 4.64%, with KBC Corporation leading the decline among constituents, down 9.66%.

Jin Yinhe announced on the evening of September 27 that it plans to issue A-shares to no more than 35 specific investors, with the number of shares not exceeding 67.8599 million, representing 30 percent of the 226.1996 million total shares outstanding before this issuance, and total funds raised not exceeding 1.5 billion yuan. After deducting issuance expenses, the proceeds will be allocated as follows: 490 million yuan to the industrialization project for high-end intelligent equipment for sodium-ion batteries, consumer lithium batteries, solid-liquid batteries, and new energy storage batteries; 290 million yuan to the research and construction project for high-end intelligent equipment for dry electrodes and solid-state batteries; 270 million yuan to phase one of the silicon-based materials and polymer materials construction project; 100 million yuan to the research and construction project for high-end intelligent equipment for silicone supercritical physical foaming and vacuum thermal reduction of rubidium and cesium metals; and 350 million yuan to supplement working capital. The company's existing equipment mainly targets front-end equipment for liquid lithium batteries, and this fundraising will comprehensively cover next-generation technology routes such as sodium-ion batteries, solid-state batteries, consumer lithium batteries, and new energy storage. The construction period for all projects is 36 months. The after-tax internal rate of return for the sodium-ion battery equipment project is expected to be 15.49 percent, and for the silicon-based materials project 17.72 percent, with investment payback periods of 9.04 years and 7.32 years respectively. After the issuance is completed, Jin Yinhe's total share capital will increase from 226 million shares to approximately 294 million shares. The shareholding of controlling shareholder Zhang Qifa and his concert parties will be diluted from 19.06 percent to 14.66 percent, while control remains stable. In the first half of 2026, Jin Yinhe's dry electrode production equipment for solid-state batteries achieved batch sales and delivery, and in July 2026 it signed an equipment procurement order with Jinlongyu to supply 11 sets of front-end core equipment, including slurry mixing, coating, and cell baking, for its 2 gigawatt-hour solid-state battery mass production line project in the Dapeng New District of Shenzhen.

A PwC report titled 'Overview of the ASEAN-6 automotive market: 6th market snapshot' states that in the first half of 2026, xEV sales accounted for 32% of total car sales in the ASEAN-6 group. In Thailand, the share of xEV sales in total car sales rose from 32% in the first half of 2024 to 53% in the same period of 2026, while BEV sales increased by about 84% from the same period a year earlier. Thailand's total car sales in the first half of 2026 rose 15%, while total car sales across the ASEAN-6 rose 11%, with Vietnam, Indonesia and Thailand the main markets driving growth. Steve Yang, head of the automotive business client group at PwC Thailand, said the rapid growth of electric vehicle use in Thailand reflects a major shift in consumer behaviour, and noted that future leadership will depend on Thailand's ability to increase the share of value-added activities such as the production of batteries, electronics, software and advanced engineering. The PwC report also expects small vehicle production in the ASEAN-6 to rise to nearly 6 million units by 2030, with Thailand remaining one of the region's main automotive production bases. Meanwhile, Chinese carmakers increased their market share in the ASEAN-6 to 16% in the first half of 2026 from about 11% in 2025, and as Thailand's new car excise tax structure is due to take effect, a new round of mergers and acquisitions is expected in the market, particularly among Chinese carmakers.

Mercedes-Benz AG and ProLogium Holding Inc. have signed a joint testing agreement giving Mercedes-Benz priority access to ProLogium's latest Gen4 Superfluidized Inorganic Next-Generation Lithium Ceramic Battery cells. Under the agreement, the Gen4 technology will undergo extensive electrical, thermal and safety testing at Mercedes-Benz's dedicated facilities and specialized external testing institutes, with results used to assess its suitability for potential use in future vehicles. The Gen4 platform aims to combine five core advantages: intrinsic safety, high performance, high energy density, scalable manufacturing and competitive cost structure, with a safety architecture integrating a non-flammable inorganic electrolyte, ceramic separator technology and ProLogium's proprietary active safety mechanism. The deal builds on a partnership of nearly ten years, during which Mercedes-Benz became a strategic investor in ProLogium and holds a Director on its Board, and follows ProLogium's May 2026 definitive business combination agreement with Translational Development Acquisition Corp. under which it is expected to list on Nasdaq under the proposed ticker symbol PRLG. ProLogium's Taoke Gigafactory in Taiwan has completed GWh-scale manufacturing validation, while its planned Dunkirk Gigafactory in France, which broke ground on its first phase in February 2026, is designed to reach 4.0 GWh of annual capacity in phase one and up to 44.0 GWh at full build-out.

BYD Company Limited has rolled out its most advanced European commercial vehicle portfolio, anchored by the flagship ETT 44, which supports ultra-fast charging of up to 1.5MW and can add more than 400 kilometers of range in 20 minutes. The lineup also includes rigid trucks such as the T020 and T028, vocational vehicles for last-mile delivery and municipal applications, and fully electric yard tractors. In May 2026, BYD introduced Full Damage Coverage for its Urban Navigate on Autopilot function under the God's Eye driver assistance system in China, making it the first automaker to offer dual coverage for advanced driver assistance features, and the company plans to invest more than RMB 100 billion in intelligent driving R&D. In March 2026, BYD introduced its self-developed FLASH Charging technology, capable of delivering up to 1,500kW through a single connector, alongside the second-generation Blade Battery, which increases energy density by 5% while substantially improving charging performance. BYD reported an 18% year-over-year increase in global sales to 440,293 units in August 2026, marking its fourth consecutive month of growth after eight months of declines, driven by a 134% surge in overseas sales to 189,466 vehicles.

Industry Minister Warawut Silpa-archa and his delegation held bilateral talks with Japan's Minister of Economy, Trade and Industry, Ryosei Akazawa, known as METI, to elevate strategic cooperation in industry and energy between Thailand and Japan. The Thai delegation also included Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas and Energy Minister Ekkanat Promphan. The talks aimed to promote the transition of the automotive industry along a multi-pathway approach, covering hybrid vehicles, HEV, mild hybrid vehicles, MHEV, and electric vehicles, EV, while pushing forward a circular economy policy through the development of end-of-life vehicle management systems and waste battery handling. The discussions also covered the promotion of the biofuel industry through fiscal policy, as well as energy cooperation, such as cooperation under POWERR Asia on solar energy development and carbon market trading, and preparations for the second meeting of the Thailand-Japan mechanism for energy and industrial cooperation, known as EID, particularly in the modern automotive industry, supply chain connectivity and bioenergy. The outcome of these talks is expected to directly benefit the people and businesses of Thailand and Japan through expanded investment in high-technology industries, which will lead to economic value creation, job creation and the development of Thai workers' skills, as well as improving quality of life and the environment through the promotion of clean energy and sustainable resource management.

CATL has developed a "tall" battery design tailored to the US pick-up truck market despite trade restrictions blocking its entry into the country, the Financial Times reported. Citing CATL international business unit CTO Zhu Lingbo, the newspaper said US carmakers have already tested the batteries, though the companies were not identified. Zhu said CATL could license the technology to companies in the US for local production, following a model like its existing arrangements with Ford and Tesla for EV battery manufacturing in the country. Speaking at CATL's headquarters in Ningde, Zhu said the US remained a market with potential for "huge business" for the company "even with this kind of very intense geopolitics." The remarks came ahead of a planned summit in Washington involving US President Donald Trump and Chinese President Xi Jinping, and an earlier scheduled meeting in New York between US Treasury Secretary Scott Bessent and his Chinese counterpart He Lifeng. The Pentagon named CATL last year as a company with alleged military ties, a claim the firm has denied, while Chinese battery and EV manufacturers continue to face tariffs, localisation requirements and possible bans from Washington on national security grounds. Last week, organisations representing the US automotive industry asked Trump to maintain measures aimed at preventing Chinese carmakers and their supply chains from entering the US market, after Trump said he would "be OK" with China establishing car plants in the US if American workers were employed. In April, CATL introduced a new fast-charging EV battery, launching the third-generation "Shenxing" lithium-iron-phosphate battery, which it said can charge from 10% to 98% in six minutes and 27 seconds under moderate temperatures.

EVE Energy unveiled its EVE Open Source Battery 4.0: AI Battery at IAA TRANSPORTATION 2026 in Hannover, marking the product's European debut and securing on-site strategic cooperation orders exceeding 30 GWh. The AI Battery, built on the company's LMX chemistry platform, integrates a custom-built AI chip to enable cell-level active sensing, real-time diagnostics and intelligent optimisation, replacing conventional passive battery management systems. EVE also exhibited Open Source Battery 3.0 alongside the 4.0 lineup, which includes LMX chemistry cells LM815, LM285 and V63, the LM815-641kWh underfloor battery system for heavy-duty trucks and the B3E-LF206S battery system for buses. The company signed on-site cooperation agreements with BMZ, Janus Electric, Morris Commercial, Sunswap, WEG and others, with total contracted orders exceeding 30 GWh. EVE said the products comply with stringent European market access requirements and are designed to address safety, environmental adaptability and full-lifecycle economics demands in the region's commercial vehicle market.

Factorial Energy shares jumped 14.4% in Thursday's trading after the company said it will partner with Japan's Mitsui Kinzoku to accelerate the global scale-up of its Solstice all-solid-state battery platform. Mitsui Kinzoku produces sulfide-based solid electrolytes for all-solid-state batteries and is one of few companies worldwide with foundational technology in this space, Factorial said. The Japanese company also produces ultra-thin copper foil and holds an estimated 90% share of the semiconductor market for that foil. Mitsui Kinzoku Senior Executive Officer Kiyotaka Yasuda said the two companies aim to accelerate the realization of next-generation batteries by combining Mitsui Kinzoku's long-established expertise in materials and manufacturing technologies with Factorial's advanced technological capabilities. Factorial Energy shares began trading on Nasdaq in June following the completion of its business combination with Cartesian Growth Corporation III.

New registrations of battery electric vehicles in Europe rose 54.2% year-on-year in August, accounting for roughly one in three new cars sold and far outpacing forecasts for 2026. According to data from E-Mobility Europe, New Automotive and Fierce Automotive, BEV registrations across 16 major European markets rose to 202,833 units, giving fully electric vehicles a market share of 30.5%. BEV registrations across Europe as a whole have exceeded 1.67 million units since the start of the year, up 33.1% from the same period a year earlier. T&E had forecast a BEV share of 23% in the EU this year, while Rho Motion expected around 21% for Europe as a whole, but BEV registrations in the 16 markets have risen 33.1% year-to-date, exceeding forecasts for the combined plug-in market of BEVs and plug-in hybrid vehicles. By country, France's BEV market share rose to 38.3% in August and Germany's to 32.5%, with fully electric registrations reaching 36,159 units in France and 68,980 units in Germany. Among Europe's most electrified markets, Norway led with a BEV share of 98.7%, followed by Denmark at 85.9%, Finland at 52.3%, the Netherlands at 48.9%, Belgium at 46.2% and Portugal at 36.1%.

Tisco Securities released an analysis on September 16, 2026, maintaining a Buy recommendation for 3750 HK, the stock of Contemporary Amperex Technology Co., Limited, or CATL, with a target price of 810 Hong Kong dollars per share. The depositary receipt referencing that stock and listed in Thailand under the name CATL01 carries a target price of 7.65 baht per share, implying 60.0% upside from 4.78 baht per share. The research team said that although the market is worried about CATL's declining market share, its US sales, and the issue of excess battery capacity, the firm views these factors as an investment opportunity. CATL's market share in August 2026 fell for a fourth consecutive month to 41.5%, down from 49.8% at the start of the year, while rival BYD raised its market share to 21.0%, an increase of 3.6 percentage points since the start of the year. The research team remains unconcerned about the excess capacity issue, even though China's monthly battery capacity in August 2026 stood at 237 GWh, up 69.8% from the same period a year earlier, because domestic Chinese battery demand, covering both the electric vehicle market and energy storage systems, was 223.1 GWh, up 65.9%, and that figure does not yet include demand from overseas markets. The target price valuation is based on a forward P/E assumption of 26.4 times and estimated 2027 earnings per share of 30.63 Hong Kong dollars per share. The 3750 HK stock price is 495.4 Hong Kong dollars, while CATL01 is at 4.78 baht. The research team noted that the prices of the underlying stock and the DR may be affected by exchange rate movements.

China's industrial output rose 5.2% year-on-year in August, beating expectations for a 4.8% gain and quickening from July's 4.5% increase, while retail sales grew just 0.4%, below the expected 0.8% rise, according to National Bureau of Statistics data released Tuesday. The divergence deepened concerns over economic imbalances, with fixed-asset investment falling 7.2% in the first eight months, the steepest drop since April 2020, and property investment diving 19.9% over the same period. High-tech industry investment expanded 5.2% in January-to-August, with lithium-ion battery output soaring 57.2% and industrial robot output up 34.6% year-on-year. Oxford Economics cut its 2026 growth forecast by 0.1 percentage point to 4.7% and next year's to 4.3% from 4.6%, while ING's Greater China chief economist Lynn Song said GDP growth will likely remain sluggish in the third quarter. The urban surveyed unemployment rate edged up to 5.3% in August from 5.2%, and statistics bureau spokesperson Fu Linghui said sustained efforts are still needed to put the economy on a firmer growth trajectory.

Geely Auto's Galaxy brand launched the Galaxy TT electric sedan in China on Sept. 10 at a limited-time starting price of 129,900 yuan, or roughly $19,170, according to CnEVPost. The entry version carries a 63.8-kWh lithium iron phosphate pack from CATL and delivers 640 km of range on the China Light-Duty Vehicle Test Cycle, with every trim in the lineup shipping an 800-volt architecture and 6C fast charging that moves the battery from 10% to 80% in about 11.8 minutes. The launch price landed 16,000 yuan below the August pre-sale figure, and the entry trim gained 100 km of range, while rear-drive models produce 245 kW, or 329 horsepower, and reach 100 km/h in 6.5 seconds. The sedan will not reach U.S. buyers: a China-built car faces a 2.5% base duty, the 100% Section 301 tariff imposed in 2024 and the 25% Section 232 tariff applied in 2025, landing a $19,170 sedan closer to $43,600 at the port, and the Commerce Department's Connected Vehicle Rule blocks cars with meaningful Chinese ownership or software ties starting with the 2027 model year. Geely-controlled Polestar said the Commerce Department declined its authorization covering new model variants from the 2027 model year onwards, while Volvo Cars, also controlled by Geely, was cleared in May after reworking how its vehicle data is governed and routed. Geely's exports rose 205% year over year in August to 110,094 vehicles, roughly 41% of total sales, while domestic volume fell about 25%, according to CnEVPost.