Incumbent Li-ion Cell Makers

CATL has released a draft of its second A-share employee stock ownership plan for 2026, under which it intends to receive shares from the company's repurchase account, with a scale of no more than 8.0816 million shares, accounting for 0.175% of total share capital. The initial grant targets 5,960 middle managers and core staff, at a transfer price of 158.42 yuan per share, with total funds not exceeding 1.28 billion yuan. The plan has a duration of 60 months and will be unlocked in three phases, with unlocking ratios of 30%, 30%, and 40%, respectively.

Amprius Technologies shares rose 11% Monday after the company secured a grant of up to $75 million from the U.S. Department of War to retrofit an existing domestic production line for high-energy density battery cells. The grant, awarded through the DoW's Industrial Base Analysis and Sustainment program, will fund the conversion of a U.S.-based electric vehicle battery production line operated by a major South Korean manufacturer to produce batteries for unmanned aerial systems. The retrofitted line is expected to have the capacity to produce 12 million Amprius cells annually when completed in early 2028, with the cells intended to meet domestic sourcing requirements of the National Defense Authorization Act. The total conversion project is expected to cost approximately $100 million, including in-kind investments from Amprius and its South Korean partner. CEO Tom Stepien said the DoW grant is intended to establish a primary source of domestic, NDAA-compliant battery production, adding that the company's technology combined with its South Korean partner's U.S. manufacturing prowess positions Amprius to accelerate adoption of standardized, high-performance pouch cells in a fast-growing market.

Gotion High-Tech announced that shareholder Volkswagen China Investment Company, holding more than 5% of shares, has signed a share transfer agreement with Hefei Construction Investment Company, planning to transfer 96,180,444 shares at 24.09 yuan per share, representing 5.30% of the company's total share capital, for a total transfer price of 2.317 billion yuan. After the transfer, Volkswagen China's stake will fall to 18.98%, while Hefei Construction Investment Company will hold 5.30% and become a shareholder with more than 5%.

CATL announced that the company had previously received approval to register 40 billion yuan in technology innovation bonds, with the registration quota valid for two years and issuable in tranches. This issuance marks the completion of the eighth tranche. On September 24, 2026, the company successfully issued the eighth tranche of green technology innovation bonds for 2026, with a total issuance amount of 5 billion yuan. The raised funds were received on September 28, 2026. The bonds have a maturity of three plus two years, with an option for the issuer to adjust the coupon rate and an option for investors to sell the bonds back at the end of the third year. The coupon rate is 1.49 percent, with annual interest payments and principal repayment in full at maturity. The issuer's credit rating is triple A.

NeoVolta Inc reported fiscal year 2026 revenue of $13.3 million, up 58% from $8.4 million a year earlier, even as fourth quarter revenue collapsed to roughly $13,000 from $4.8 million in the prior-year quarter. The company's fiscal 2026 GAAP net loss widened to $21.5 million, or $0.55 per share, from $5 million, or $0.15 per share, in fiscal 2025, while the fourth quarter net loss reached $11.7 million versus $1.6 million a year earlier, driven by a $3.9 million provision for credit losses and bad debt and $1.1 million of residential inventory reserves. Fiscal 2026 adjusted EBITDA was negative $12.8 million against negative $2.6 million in fiscal 2025, and the fourth quarter adjusted EBITDA was negative $8 million versus negative $0.7 million. The company ended the year with $25.4 million in total cash, restricted cash and cash equivalents, raised nearly $50 million in equity during fiscal 2026, and after year-end entered a $20 million senior secured term loan facility with potential for up to an additional $10 million. NeoVolta signed a five-year agreement with SK On for 9 gigawatt hours of US-manufactured LFP battery cells from 2027 to 2031, with a broader framework for an additional 9 gigawatt hours plus pack purchases, supporting up to 18 gigawatt hours of combined activity, and it holds roughly 1.1 gigawatt hours of early demand visibility through a non-binding letter of intent with Infinite Grid Capital worth about $200 million in potential deployments, of which $53 million is secured in a binding capacity reservation agreement. The company officially opened its 210,600 square foot NeoVolta Power facility in Pendergrass, Georgia, targeting 8 gigawatt hours of annual BESS production capacity in 2028, and filed a $200 million shelf registration after the close, which it described as an administrative filing.

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.

The US and Chinese governments are finalizing the selection of top Chinese business figures to accompany President Xi Jinping on his visit to the United States, according to three people familiar with the matter. According to the sources, candidates include Chinese electric vehicle giant BYD, smartphone maker Xiaomi, which has also expanded into EVs, battery giants CATL and Gotion High-Tech, home appliance maker Hisense Group, auto parts supplier Wanxiang Group, state-owned Bank of China, and agricultural conglomerate COFCO. Accompanying a large business delegation to the United States would be an unusual move. According to the people, the finalization of the delegation's members will wait for talks this weekend between US Treasury Secretary Bessent and Chinese Vice Premier He Lifeng, with formal invitations to be sent to each company within the next few days, and the US State Department is expected to approve visas for the delegation. CATL and BYD were added to the US Department of Defense's corporate list in January 2025 and June 2026, respectively, over alleged ties to the Chinese military. China's Foreign Ministry, responding to a Reuters question, said it had no information.

On the evening of September 17, China Jushi and Hunan Yuneng both issued announcements on changes in shareholder equity, with both companies experiencing reductions by significant shareholders. China Jushi disclosed that its second-largest shareholder, Zhenshi Holding Group, reduced its holdings by 28.3264 million shares through centralized competitive trading from September 15 to September 17, 2026, with the equity change reaching the 1% threshold. Its direct holdings decreased from 727 million shares, or 18.16%, to 699 million shares, or 17.46%. Including persons acting in concert Zhang Yuqiang and Zhang Jiankan, the combined shareholding ratio fell from 18.50% to 17.79%. Hunan Yuneng announced that shareholder CATL reduced its holdings by a total of 17.4597 million shares through centralized competitive trading and block trading from June 26 to September 16, 2026, accounting for 2.06% of the company's current total share capital. Its shareholding ratio dropped from 7.09632% to 4.99999%, and it is no longer a shareholder holding more than 5% of the company. CATL stated that this reduction was mainly due to its own capital management needs and normal investment arrangements, and that it would not affect business cooperation between the two parties. The reduction plan has not yet been fully implemented. Both companies stated that this equity change will not lead to changes in their controlling shareholders or actual controllers, nor will it have a significant impact on their corporate governance structures or ongoing operations.

General Motors is developing a domestic battery supply chain it expects to complete within two to three years, even as it currently relies on some Chinese-sourced materials for existing battery production. Kurt Kelty, GM's vice president of battery and sustainability, told CNBC the company's near-term goal is full domestic sourcing, centered on sodium-ion battery cells GM is developing with Denver-based startup Peak Energy for stationary energy storage in homes, businesses, and data centers. GM expects commercial production of those cells around 2029, and a GM spokesperson confirmed the same domestic sourcing priority would apply to battery cells for future electric vehicles. Sodium-ion cells are built around sodium from soda ash, which the U.S. holds in abundance, sidestepping the lithium and ferrous sulfate supply chains China currently controls, and Kelty said they handle a broader span of temperatures, removing the need for active thermal management. GM has committed $900 million to new battery research facilities at its suburban Detroit campus, including a cell prototyping building exceeding 500,000 square feet scheduled to open before the end of the year. The comments came as Ford faced criticism from the Trump administration over its battery sourcing, with Transportation Secretary Sean Duffy saying last week he had "profound concern" over Ford's licensing of technology from Chinese battery manufacturer CATL for its Marshall, Michigan plant, while Ford CEO Jim Farley called the charges "basic misunderstandings, mistruths" and the White House posted that Ford is "a GREAT American company."

EnerSys reported first-quarter fiscal 2027 adjusted earnings of $3.66 per share on Aug. 12, beating the Zacks Consensus Estimate of $2.82 by 29.8%, while net sales of $936 million topped the consensus estimate of $923 million by 1.4% and rose 4.8% year over year. The bottom line increased 64.1% year over year, aided by margin expansion, IRC 45X benefits and a $30.9 million tariff refund, as gross margin expanded 510 basis points to 33.5%. Within the sales mix, Network & Infrastructure Solutions sales rose 9.4% year over year to $428.3 million and Precision Power Solutions sales surged 23.6% to $100.5 million, while Industrial Mobility Solutions sales fell 3.2% to $406.8 million on soft material-handling demand. For the second quarter of fiscal 2027, the company expects net sales of $955-$995 million, representing 2% year-over-year growth at the midpoint, and adjusted earnings of $3.15-$3.25 per share, with adjusted earnings excluding 45X benefits at $1.95-$2.05. The board also raised the quarterly dividend 10% to 28.75 cents per share for the second quarter of fiscal 2027, and the company secured a revised roughly $150 million Department of Energy grant for its planned U.S. lithium cell manufacturing campus.

Benchmark Mineral Intelligence, a UK research firm, said on September 11 that global electric vehicle sales rose for a sixth consecutive month in August, with Europe the main market driving growth, while sales in China and North America fell. Global sales of battery electric and plug-in hybrid vehicles rose 2% year on year to 1.83 million units, bringing cumulative sales since the start of the year to 13.4 million units. In Europe, EV sales rose 36% to 380,000 units, lifting year-to-date sales by 29%, supported by European subsidy measures. In contrast, EV sales in China fell 11% to 1.03 million units, hit by a high year-earlier base, while the North American market dropped 33% to 140,000 units, which Benchmark Mineral Intelligence said reflected a rush by US consumers to buy EVs last year before federal tax credits expired in September 2025. Sales in markets other than China, Europe and North America jumped 97% to 290,000 units. Chinese automakers are increasingly relying on exports to drive growth.

Solid Power reported a second quarter net loss of $23.8 million, or $0.11 per share, on August 4 while holding $419.3 million in total liquidity as of June 30, up from $336.5 million at the end of 2025. The solid-state battery developer recorded negative revenue and grant income of $0.3 million for the quarter, driven by a $1.2 million reversal tied to a cumulative catch-up adjustment after it changed assumptions on certain milestone payments, and first-half revenue and grant income totaled just $2.8 million. Operating expenses reached $30.0 million, up from $29.4 million in the first quarter, pushing the operating loss to $30.3 million, while capital expenditure added $6.3 million, mostly for the continuous electrolyte production pilot line. Under its Joint Evaluation Agreement with Samsung SDI and BMW, the company reported improved electrolyte performance and advanced talks with unnamed industry partners about a joint venture for commercial-scale electrolyte production in South Korea, and it completed the Line Installation Agreement with SK On and collected the associated milestone payment. Hedge fund ownership slipped to 22 funds from 24, and short interest stood at 11.89% of the float, even as the company carries no debt on its balance sheet.

Ford Motor Co pushed back on Tuesday against Transportation Secretary Sean Duffy, who warned in a letter to CEO Jim Farley that the automaker's battery and vehicle-related arrangements with China-linked companies including CATL, Geely Automobile Holdings Ltd. and BYD Co. Ltd. could create U.S. security risks. Duffy said the department had "profound concern" about the arrangements and was "deeply alarmed" by Ford's plan to use licensed CATL technology at its Marshall, Michigan battery project, citing CATL's placement on a Pentagon list tied to alleged links with China's military. The letter also faulted Ford's timeline for shifting Lincoln Nautilus production out of China, arguing the current schedule would keep the company tied to Chinese manufacturing for years. Ford responded in a statement calling Duffy's letter "a wrongheaded attempt to capture headlines," saying "While others continue to import Chinese batteries, Ford is investing to build batteries here in America," and adding that "Ford owns the plant, controls the operation and employs the workforce." Ford also said the letter contained factual errors, stating "Ford has not proposed a joint-venture framework as described in the letter," after Farley had reportedly discussed forming joint ventures in February that would allow Chinese automakers to enter the U.S.

The US government has criticized Ford Motor Company for its business partnership with a Chinese company, stating that such an alliance poses risks to national security and urging Ford to sever ties with a major Chinese firm. US Transportation Secretary Sean Duffy sent a letter to Ford CEO Jim Farley expressing concerns over Ford's reliance on technology licensing from CATL, which the US Department of Defense has blacklisted for its ties to the Chinese military. Duffy also criticized Ford for not moving production of its Lincoln Nautilus model from China back to the US until 2030. Ford responded with a statement calling the letter baseless accusations and reiterating that Ford is investing in its own battery plant in the US and maintains full control over its operations. This comes as President Trump prepares to meet with President Xi Jinping and as Congress pushes for measures to ban Chinese cars. The American Automotive Trade Association has filed a petition calling for a permanent ban on imports of smart vehicles and related software from China.

Range Technology plans to contribute 1 billion yuan of its own funds to invest in Xiamen Shidai Shenyuan Venture Capital Fund Partnership, a limited partnership. The fund has a total committed size of 4.90001 billion yuan, with Range Technology holding a 20.4081 percent stake. The fund will focus on frontier technology areas such as artificial intelligence and embodied intelligence. Bestechnic plans to repurchase shares worth 50 million to 100 million yuan, at a price not exceeding 150 yuan per share, for employee stock ownership plans or equity incentives. CATL's wholly owned subsidiary Ningbo Wending plans to participate as a limited partner in Xiamen Shidai Yiyuan Venture Capital Fund Partnership, with a committed contribution of 1.12 billion yuan and a 19.4175 percent stake in the fund. The company's controlling shareholder Xiamen Ruiting will also participate in the fund as a limited partner, making this investment a related-party co-investment. Hangcha Group plans to issue convertible bonds to raise no more than 2.259 billion yuan, with a term of six years, for a forklift robot smart factory project, a new energy forklift expansion project, a forklift robot and logistics robot research and development project, and to supplement working capital. Weikang Pharmaceutical has received an approval notice from the National Medical Products Administration for a supplementary application for clinical trials of its Huangjia Ruangan Granules, agreeing to conduct a Phase III clinical trial for liver fibrosis caused by chronic hepatitis B virus infection.

General Motors and SAIC Motor agreed to extend their joint venture for another 20 years to deepen cooperation in intelligent electric vehicles and global expansion. The extension signals a renewed long-term commitment by GM to the Chinese market and global EV manufacturing through the SAIC-GM partnership. Separately, GM was removed as a key partner from a major new LG Energy Solution battery plant project in the US as the company adjusts its North American battery strategy. The twin moves indicate a shift in how GM balances China-focused EV development with a more flexible battery sourcing approach in the US.

General Motors is selling its 49.99% stake in the $3.5 billion Indiana battery plant joint venture to partner Samsung SDI, making the South Korean company sole owner of SDI-GM Synergy Cells Holdings. The purchase price was not disclosed. The two companies will maintain a business relationship through a separate agreement to jointly develop next-generation prismatic battery cells, and GM will continue to source batteries from Samsung SDI. The exit comes amid weaker-than-expected U.S. EV demand following the expiration of the $7,500 federal EV tax credit in September 2025, and GM has already incurred roughly $6 billion in charges related to scaling back its EV strategy.

General Motors and SAIC Motor have extended their SAIC-GM joint venture in China by 20 years to 2047, committing to launch at least 30 new energy vehicles by 2030 and to use China-developed technologies for both domestic and overseas markets. This shift from one-way technology transfer to local innovation and global sharing positions GM to tap China's electric vehicle supply chain and engineering base as a key pillar of its worldwide product and technology roadmap. The extension reinforces GM's global EV ambitions but does not clearly change the near-term focus on EV profitability and the risk that slower adoption and policy shifts keep margins under pressure. GM is also recalibrating its battery and EV footprint, highlighted by its decision to unwind an Indiana battery joint venture with Samsung SDI while continuing to cooperate on next-generation prismatic cells.

Albemarle Corp reported second-quarter 2026 net sales up 31% year-over-year and adjusted EBITDA more than doubling to $858 million, with enterprise EBITDA margin expanding to 49%. The company generated $710 million in cash from operations and $638 million in free cash flow, achieving over 80% operating cash conversion. Global lithium demand grew 45% year-over-year through May, driven by strong stationary storage and improving EV growth, with inventories at near-record lows. Albemarle raised its full-year outlook for specialties and is on track to hit the high end of its cost productivity target of $100-150 million. However, a June 9 fire at the Greenbushes CGP3 plant delayed the ramp-up to full production until Q1 2027, leading the company to expect energy storage sales volumes for 2026 to be flat to down 4% year-over-year.