CATL(SZ:300750) Hua Er Jie Jian Wen·2026-01-23 02:31Core Viewpoint - CATL is expanding its presence in the commercial vehicle sector with the launch of the Tianxing II light commercial vehicle solution, aiming to redefine its role from a hardware supplier to a smart manufacturing platform [1][2]. Group 1: Market Overview - The commercial vehicle market in China is projected to reach 4.25 million units in sales this year, with a penetration rate of new energy vehicles exceeding 35% [1]. - By the end of 2024, the penetration rate is expected to be only 10% [1]. Group 2: Product Launch and Features - CATL has launched the Tianxing II light commercial series, collaborating with 46 automakers and producing 678 new models, with a cumulative shipment of over 210,000 units [2]. - The Tianxing II features a long-range version with a 253 kWh battery, achieving a real-world range of 800 kilometers, targeting the intercity freight market [2][3]. Group 3: Cost Savings and Warranty - Utilizing off-peak electricity for charging, a single light truck can save up to 150,000 yuan in fuel costs annually [3]. - CATL offers a warranty of "10 years or 1 million kilometers" with a promise of no degradation in the first year, addressing concerns of long-distance drivers [3]. Group 4: Technological Innovations - The Tianxing II introduces the industry's first mass-produced sodium battery, which performs well in extreme cold, retaining over 92% usable capacity at -20 degrees Celsius [3]. - The supercharging version can charge to 80% in 30 minutes at -15 degrees Celsius, while the high-temperature version maintains a cycle life of 5,000 times at 45 degrees Celsius [3]. Group 5: Digital Solutions and Asset Management - CATL has launched the "Battery Manager" app, which generates health scores for batteries and addresses trust issues in second-hand vehicle transactions [4]. - The app is part of a broader strategy to improve the residual value of vehicles equipped with CATL batteries, potentially exceeding 10,000 yuan compared to competitors [4]. Group 6: Future Plans and Market Strategy - CATL plans to establish 3,000 battery swap stations by 2026, aiming to reduce vehicle purchase costs by 10% through a "separation of vehicle and battery" model [5]. - The company emphasizes that future competition will focus on systematic victories based on real operational scenarios rather than just battery specifications [5]. - The upcoming "trade-in" policy in 2026 is expected to enhance subsidies for new energy commercial vehicles, further accelerating user adoption [5].