宁德时代，退出

Core Viewpoint - CATL has recently completed its 8-year overseas stake by selling its 20.6% shares in Valmet Automotive to the Finnish government and existing shareholder Pontos, marking the official "nationalization" of Valmet [2] Group 1: CATL's Investment and Valmet's Transition - In 2017, CATL invested €30 million in Valmet Automotive, aiming to establish a strong position in the European electric vehicle market and showcase its battery technology and system integration capabilities [2] - Valmet has accelerated its battery system (EVS) business, with its battery module production line in Salo starting in 2019, achieving a production capacity of 800,000 units in 2023 and surpassing 2 million units cumulatively, becoming one of Europe's leading independent battery system suppliers [3][6] - In 2023, Valmet's EVS business revenue exceeded €1 billion for the first time, although its traditional automotive contract manufacturing (VCM) revenue fell by 21.8% due to the termination of the Mercedes GLC production line in June 2022 [3] Group 2: Challenges in the Finnish Electric Vehicle Market - The decline in Valmet's orders is attributed to the slower-than-expected electrification process and an overall downturn in the European automotive market, with 2024 BEV sales in Europe projected to be 1.993 million units, a 1.3% decrease year-on-year [3][4] - The average price of electric vehicles in Finland remains higher than that of traditional fuel vehicles, and the country offers less subsidy and tax incentives compared to neighboring countries like Sweden and Denmark, contributing to the slowdown in electric vehicle growth [4] Group 3: Future Prospects and Strategic Adjustments - Finland is one of the first countries to release a national battery strategy, focusing on building a complete value chain for battery materials, technology research and development, manufacturing, and recycling [5] - The Finnish government aims to gain greater influence in the electrification sector, having already acquired a 70% stake in IONCOR, Valmet's newly independent battery business, and committing an additional €20 million investment [7] - Chinese companies are encouraged to enter the European market through joint ventures and technology licensing to meet local requirements, while also adapting to EU regulations and policies for long-term success [9]