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CATL increases capital by 300 million yuan in BAIC Blue Valley

On May 21, BAIC Blue Valley announced the completion of a fixed increase of 5.5 billion yuan, of which Ningde Times received 300 million yuan.

CATL has a long history of cooperation with BAIC Blue Valley.

The earliest cooperation between the two parties can be traced back to 2012, when BAIC's first batch of 400 E150 EVs in large-scale operation were all equipped with Ningde era batteries.

In August 2017, CATL subscribed to BAIC New Energy for over 100 million yuan in registered capital of 40 million yuan, and BAIC Blue Valley held 0.76% of its shares after its listing.

In 2019, BAIC and Ningde Times signed a five-year power battery supply agreement. The two parties also established a joint R&D team, and the world's first CTP battery is installed on BAIC's EU models. In the same year of 2019, BAIC New Energy became the number one customer on the Ningde era power battery installed capacity list.

In 2020, due to the positioning problems of BAIC's new energy models and market changes, its sales volume has declined significantly, and the corresponding installed power battery units will retreat to the 10th place in the Ningde era customer list.

It is worth mentioning that BAIC New Energy has also strengthened cooperation with Ningde Times in the field of power exchange.

The BAIC R400 battery swap model declared by BAIC in 2020 is equipped with Jiangsu Times lithium iron phosphate battery. In February of this year, Blue Valley Smart Energy, a subsidiary of BAIC Blue Valley, which focuses on the operation and construction of power swapping stations, announced the completion of an A+ round of financing of more than 300 million yuan. CATL, together with BAIC New Energy, SK New Energy, and Langfang Anpeng Fund, jointly led the investment.

Taking the top spot in the domestic lifepo4 battery field, not only BAIC Blue Valley, Ningde Times new energy passenger car customers fully covered, joint venture customers include SAIC, BAIC, Geely, Dongfeng, GAC, Changan, FAW, Weilai, Xiaopeng, Ideal And other domestic mainstream auto companies, as well as international companies such as Tesla, Daimler, Volkswagen, BMW, and Hyundai.

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