China’s biggest electric vehicle (EV) cell supplier, CATL, is diving into batteries for power grids. The Tesla supplier wants to develop and manage green energy power grids for mines, cities, and data centers.
In an interview, CATL founder Robin Zeng commented that zero-carbon electric grids might be ten times larger than supply EV batteries. As of this writing, CATL holds 37% of the global market share for electric vehicle batteries.
Zeng is setting his sights on a new sector for CATL’s future.
Tesla has already shown that entering the energy market can be lucrative. Musk predicted long ago that Tesla’s energy business would eventually pass the company’s automotive division. Tesla Energy is living up to Musk’s expectations. In Q3 2024, Tesla’s energy division reported a record gross margin of 30.5%.
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