Three Chinese electric vehicle battery and material companies are tapping investors for more than $10bn in new funding as the country cements its dominance over global clean tech supply chains.
The combined fundraising by the three Chinese groups — CATL, Tianqi Lithium and Huayou Cobalt — eclipsed the hundreds of millions of dollars being spent by Washington and US allies including Australia and South Korea to chip away at China’s supremacy in the sector.
Foreign investors were keen to participate. JPMorgan, Barclays, Morgan Stanley, Macquarie and HSBC all grabbed a slice of the share sale, accounting for about 32 per cent of the total offered shares.
Factories in China account for nearly three-quarters of global EV battery production and command 90 per cent of the market share for processing rare earth elements — the oxides, metals and magnets used in batteries — a level of dominance akin to its stronghold over the solar industry.