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].