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Stock impact report

The Chinese battery giant powering Tesla just raised $5 billion [Yahoo! Finance]

Rivian Automotive, Inc. - Class A (RIVN) 
Company Research Source: Yahoo! Finance
The cell underneath, the single most expensive part of the car, is anonymous to them. That anonymity is by design. Automakers prefer it. They want drivers bonded to their brand, not to the Chinese chemistry company that sold them the part that actually moves the vehicle. But when one supplier ends up making roughly four of every ten EV batteries shipped on Earth, the math eventually finds its way to the front page. The world's top battery maker is more important to the global EV transition than any single carmaker selling cars. And this week, that supplier raised $5 billion in a single trading session. Contemporary Amperex Technology, known as CATL, sold 62.4 million new shares in Hong Kong at HK$628.20 each, according to a stock-exchange filing reported by the Financial Times . The placement netted roughly $4.99 billion, the company said. CATL sold 62.4 million new shares in Hong Kong, roughly $4.99 billion.Photo by Bloomberg on Getty Images What CATL actually pulled off in Show less Read more
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