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This Chinese Battery Company Has Produced More Billionaires Than Google Or Facebook
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Robin Zeng, founder and chairman of Contemporary Amperex Technology. (Photo by Paul Zinken/picture alliance via Getty Images)
picture alliance via Getty Images
A little known but fast growing Chinese maker of batteries for electric vehicles now has more billionaires on Forbes’ list than just about any other public company. A whopping nine billionaires have fortunes of $1 billion or more based on their stakes in Contemporary Amperex Technology (known as CATL). Shares of the firm, which supplies batteries to automakers including BMW, Volkswagen and Daimler’s Mercedes-Benz, have soared over 150% in the past year as demand for electric vehicles has heated up. CATL’s founder and chairman, 52-year-old Robin Zeng, is now the 47th richest person in the world, worth $32.5 billion, more than triple the $9.7 billion fortune he sported in March 2020 when the Covid-19 pandemic crashed t
All the electric vehicles that stood out at the Shanghai Auto Show
The 19th annual Shanghai Auto Show delivered a bevy of electric and tech-centric vehicles this year. Chinese, European and U.S. automakers showed off their latest offerings in every price segment, from the budget-minded Wuling Hong Guang Mini via a joint venture between SAIC Motor Corp., General Motors Co. and Liuzhou Wuling Motors Co. to the luxury Mercedes EQS and everything in between.
Several automakers touted the capabilities of their driver assistance systems, using terminology that suggested they
could be autonomous if only regulators allowed it. Let’s be clear, these systems are not autonomous. Other automakers stopped short of those claims, but did publicize the software capabilities of their vehicles a movement that has been underway since Tesla rose in popularity.
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