World's largest battery maker CATL's billionaire CEO loses nearly $15B in fortune as shares tumble
Robin Zeng, founder and CEO of world's largest battery maker Contemporary Amperex Technology (CATL), has seen his net worth drop by US$14.9 billion since March as the firm's stock plummeted.
Billionaire CEO of world's largest battery maker CATL, Zeng Dehai, has seen his fortune plummet by nearly $15 billion as shares of the company dropped 33% in Shenzhen and 25% in Hong Kong. The sharp decline, which marked CATL's worst selloff in over a year, was triggered by disappointing third-quarter results that failed to meet investor expectations.
Zeng's net worth fell from $53.2 billion in March to $38.3 billion, according to Forbes. CATL, which holds a dominant 39.4% share of global electric vehicle (EV) battery usage, saw its market valuation nearly halve since May. The company's market share in China's power battery installations dropped to 40.9% in September from 49.8% in January, as some Chinese automakers diversified by sourcing from rivals.
CATL's share price decline intensified last month, with concerns growing over the "de-CATLization" trend. CATL's third-quarter results fell short of market expectations, with margins narrowing across its business units due to rising costs and other headwinds. The company's net profit rose 14.5% year-on-year to 21.2 billion yuan but was slower than the 36.5% increase in the previous quarter.
CATL also unveiled a new generation of batteries for heavy-duty trucks and plans to expand its battery-swapping network. Despite the market turbulence, the firm remains optimistic about global demand for EVs.
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