Core Viewpoint - CATL is accelerating its skateboard chassis business, focusing on commercial vehicles and specific scenarios like Robotaxi, aiming for breakthroughs in the mid-to-low-end passenger car market [1][15]. Financing and Business Development - CATL's subsidiary, Times Intelligent, is in the process of raising 2 billion yuan in its first external financing round, with a pre-financing valuation of approximately 9 billion yuan [2]. - Times Intelligent, established in 2021, specializes in battery-centric skateboard chassis products and services, and is now opening up equity to external capital for the first time [2][3]. - The financing is driven by the need to alleviate financial pressure due to limited group funding and underperformance in expected sales from partnerships, particularly with Nezha Auto [5]. Technological Advancements - The skateboard chassis, known as CIIC, integrates battery and electric drive systems, allowing for a decoupled design that can adapt to various vehicle bodies [3]. - Recent collaborations with automakers like BAIC, JAC, and Changan Mazda are expected to yield new models by 2026-2027 [7]. Strategic Considerations - CATL's entry into the skateboard chassis market is motivated by the need to bundle its battery business and counteract declining growth rates in its core battery segment [7]. - The company's gross margin has decreased from 43.7% in 2016 to 24.4% in 2024, with market share dropping from 52.1% in 2021 to 43.4% in the first half of 2023 [7]. Market Challenges and Opportunities - The skateboard chassis concept, while historically facing challenges, is now seen as having potential due to its ability to shorten development cycles and reduce costs for electric vehicles [12][13]. - However, third-party chassis companies face challenges in gaining acceptance from traditional automakers, who may prefer to develop their own chassis for differentiation [14]. Future Prospects - CATL is targeting commercial vehicles, specific scenarios like Robotaxi, and cost-effective mid-to-low-end passenger cars as key areas for growth [15]. - A strategic partnership with T3 Mobility aims to advance the development of Robotaxi based on CATL's skateboard chassis platform [15].

Core Viewpoint - CATL's subsidiary, Ningde Times (Shanghai) Intelligent Technology Co., Ltd., has completed a 2 billion RMB financing round, with a pre-investment valuation of 9 billion RMB, and is expected to exceed 10 billion RMB post-investment, indicating a significant growth trajectory for the company [2][3]. Group 1: Financing and Ownership Structure - CATL currently holds 80.01% of the shares in Ningde Times Intelligent, while Ningbo Meishan Free Trade Port Zone Ningchuang Zhiyuan Venture Capital Partnership (Limited Partnership) holds 9.9% [3]. - This financing marks the first time Ningde Times Intelligent has opened equity to external capital, suggesting a strategic move to accelerate its chassis business [3]. Group 2: Business Development and Product Offerings - Established in July 2021 with a registered capital of 2.5 billion RMB, Ningde Times Intelligent focuses on key technologies such as electric vehicle chassis, three-electric integration, and intelligent control [3]. - The company plans to utilize the financing for project capacity construction and technology development for new scenarios like Robotaxi [3][9]. - The launch of the "Rock" chassis in December 2024 is expected to significantly enhance safety and reduce development cycles for new vehicle models [4]. Group 3: Market Position and Competitive Advantage - The "Rock" chassis can reduce the development cycle of a vehicle from 3 years to 12-18 months and is projected to lower the BOM cost by 5% [4]. - CATL's entry into the chassis market is closely tied to its core battery business, leveraging its CTC technology to enhance energy density and space utilization [6]. - The company aims to transition from a "single battery supplier" to a "comprehensive energy solution provider" to maintain its market position [7]. Group 4: Industry Challenges and Opportunities - The automotive industry faces challenges as automakers are also participants in chassis technology, which may limit the market space for chassis suppliers [7]. - There are existing tensions between automakers and third-party chassis suppliers regarding profit and supply chain security [8]. - The maturation of conditions for commercializing autonomous driving, particularly in Robotaxi scenarios, presents a potential breakthrough for the chassis market [9].

Core Viewpoint - CATL's skateboard chassis business is making significant progress, with a recent agreement signed with Changan Mazda to develop new energy vehicles based on this technology, marking it as the fifth automaker to adopt CATL's skateboard chassis solution [1] Group 1: Business Developments - CATL has previously announced similar collaborations with companies such as Avita, JAC, and BAIC New Energy, with BAIC New Energy planning to launch multiple new models based on the skateboard chassis by around 2026 [1] - The skateboard chassis integrates key components like drive, brake, steering, and battery, allowing for independent development of the vehicle body and chassis, which can accommodate various vehicle types [1] - CATL's chairman stated that the skateboard chassis will significantly reduce the development costs for new models, opening doors for new entrants in the electric vehicle industry [2] Group 2: Technological Innovations - The skateboard chassis is based on Cell To Chassis (CTC) technology, which directly installs battery cells onto the chassis, bypassing traditional assembly methods, thus enhancing efficiency and energy density [3][4] - CTC technology allows for the use of lower-cost lithium iron phosphate batteries while achieving similar range to higher-density batteries, thereby reducing overall costs [4] Group 3: Strategic Planning - CATL established a subsidiary, Times Intelligent, to focus on the skateboard chassis business, with a "531" plan aimed at product rollout within three years and annual support for 2-3 automakers starting from the fifth year [6] - The production base for skateboard chassis in Yichun, Jiangxi, is set to commence operations in 2024, with the capability to develop new models within 12-18 months [6] Group 4: Market Outlook - The market demand for skateboard chassis is expected to grow, with predictions that it could capture nearly double-digit market share within the next decade [8] - Despite current hesitance from automakers to fully embrace the skateboard chassis concept, increasing competition in the electric vehicle sector may lead to a shift in acceptance [7]

Core Viewpoint - CATL is actively expanding its collaboration in the smart driving sector, focusing on green intelligent travel and digital technology through partnerships with companies like Ant Group and Hello [1] Group 1: Strategic Collaborations - CATL has signed strategic cooperation agreements with Ant Group and Hello, emphasizing smart driving and related new energy travel services [1] - Prior to this, CATL partnered with Baidu to promote the popularization of autonomous driving technology and its application in industrial scenarios [1] Group 2: Technological Development - CATL views its entry into the chassis field as a logical extension of battery technology development, focusing on system integration to optimize performance and efficiency [2] - The CIIC integrated smart chassis features a separated design for the vehicle body and chassis, integrating core components like batteries and motors onto a single platform [2] Group 3: Testing and Data Utilization - To validate and optimize its chassis technology, CATL has collaborated with the AI Racing Foundation to support an autonomous racing event, using extreme track conditions to gather dynamic data [3] - The data collected is expected to enhance chassis control software and improve system responsiveness and stability, ultimately supporting advanced autonomous driving capabilities [3] Group 4: Industry Positioning - CATL aims to position itself as a key hardware platform supplier and data contributor in the smart driving era, establishing a unique position within the industry chain [4] - Collaborations with tech companies like Baidu and Ant Group are seen as efforts to explore upper-layer applications and service ecosystems based on this hardware platform [4]