SZSE: 300750 · HKEX: 3750 · China
CATL is the supplier every other company on this site negotiates with: it has held the largest share of the global power battery market for nine straight years, and in 2026 grid storage rather than cars became the fastest-growing part of it. Its pricing sets the floor for cell costs across the industry, which makes its margin the single most load-bearing number in the sector.
An LFP pack cost $81 per kWh in 2025. The nickel equivalent cost $128. That $47 gap explains most of what has happened to electric car prices, and to the league table of who builds the cells.
12 Sept 2026 · Deep dive · 6 min
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