...August 26, 2021 HONG KONG (S&P Global Ratings) Aug. 27, 2021--S&P Global Ratings today said that Contemporary Amperex Technology Co. Ltd. (CATL; ###+/Stable/--) will continue to grow exponentially amid increased electrification of vehicles globally. We believe the battery manufacturer's sustainably strong performance and proposed equity issuance will provide it a strong financial buffer amid the race to expand capacity. In our view, CATL's revenue will grow 75%-95% in 2021, and 40%-50% in 2022. The company recorded 134% rise in revenue in the first half of 2021, mainly due to a surge in battery demand for new energy vehicles (NEV) in China. During the period, the NEV market expanded 207% and CATL had a 49% market share in China. Growth in the full year will likely narrow due to the high base in the second half of 2020 on gradual market normalization from the pandemic. We forecast the NEV market will still expand 40%-75% annually in 2021 and 2022 on increasing penetration from wider consumer...
