SHANGHAI (Reuters) – Chinese President Xi Jinping told CATL on Monday that he had mixed feelings about its status as the world’s largest battery maker, in rare public comments about one of the country’s most globally competitive sectors.
In response to a presentation by CATL Chairman Zeng Yuqun who described how the Chinese firm now owns a 37% share of the global battery market, Xi was quoted as saying that he was “both happy and worried”, glad about its leading position but concerned about the risks.
Xi made the comments during a closed-door meeting with industry and commerce representatives during the annual session of parliament, according to a statement published by the official Xinhua news agency on Tuesday.
His remarks come at a time when CATL is building factories abroad and last month signed a deal to license its technology to a new electric vehicle battery plant Ford Motor Co is building in Michigan.
CATL has also offered to cut costs for Chinese automakers, sources have said, a move that demonstrates its market power and could also widen China’s cost advantage in electric vehicles.
CATL did not immediately respond to a request for comment. Xinhua did not say whether Zeng had responded to Xi during the session.
(Reporting by Zhang Yan and Brenda Goh; Editing by Edwina Gibbs)
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