万亿“宁王”，吐故“钠”新

Core Viewpoint - CATL (Contemporary Amperex Technology Co., Limited) is intensifying its focus on sodium-ion batteries, launching its first mass-produced sodium battery, named "Sodium New," during its inaugural "Super Technology Day" on April 21, 2023, amidst rising stock prices and market interest [2][3][4]. Group 1: Product Launch and Market Position - On April 21, 2023, CATL announced three new battery products, including the "Sodium New" battery, which is the world's first mass-produced automotive-grade sodium battery [2][3]. - The stock price of CATL rose by over 4% during the announcement day, closing up 2.67%, and continued to rise, reaching a market capitalization of 1.02 trillion yuan [2][3]. - The sodium battery launch marks CATL's strategic entry into the sodium-ion battery market, which has been under development since the first generation was introduced in July 2021 [3][4]. Group 2: Strategic Considerations - The sodium-ion battery is seen as a cost-effective alternative due to the abundance of sodium resources, especially during periods of high lithium prices [4][5]. - CATL's leadership believes that advancements in technology will continue to reduce the cost of sodium-ion batteries, enhancing their competitiveness against lithium-ion batteries [5]. - The company aims to position sodium-ion batteries as a mainstream technology, targeting to capture a significant market share traditionally held by lithium iron phosphate batteries [7][8]. Group 3: Technological Advancements - The newly launched sodium-ion batteries are designed for various applications, including passenger vehicles and commercial trucks, with plans for mass production in June and December 2023, respectively [6][7]. - CATL's second-generation sodium-ion battery is reported to have improved energy density, low-temperature performance, and safety features, with plans for trial production in 2025 [5][6]. - The company is also exploring innovative battery combinations, such as "sodium-iron" and "iron-iron," to enhance performance and extend driving range [11]. Group 4: Future Outlook - CATL's strategy reflects a shift towards a "multi-core era" in battery technology, emphasizing the importance of user-driven demand over mere technical specifications [10][11]. - The company is committed to creating a closed-loop system for sodium battery production, from raw materials to manufacturing and application [12].