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This Tesla-Supplying Battery Maker Has Lost Some of Its Power #TeslaSupplying #Battery #Maker #Lost #Power Welcome to TmZ Blog, here is the new story we have for you today:
The world’s largest maker of EV batteries is struggling to win back investor confidence after shedding nearly $100 billion of market value in less than six months.
The market has cooled on China’s
, or CATL, as high raw-material costs have squeezed its profit margins. Over a longer term, some investors and analysts question whether CATL’s growth could suffer as competitors expand rapidly and customers try to diversify their supply chains.
As of Thursday, CATL shares have lost about 26% this year, giving the company a market value of about $150.8 billion, according to FactSet, down from December’s record high of $249.5 billion. It is a key supplier of lithium-ion batteries to electric-vehicle makers like
Weaker investor sentiment is also reflected in CATL’s reduced valuation. As of Thursday, its shares traded at a price of 37 times forecast earnings for the next 12 months, according to FactSet. That is down sharply from a peak price-to-earnings ratio of more than 120 times in early 2021.