China is the biggest market for electric vehicles worldwide with a growth in electric car sales of 72% last year. CATL also has plans to enter Europe through the establishment of a factory in Germany.
CATL has now become the largest company on the ChiNext list
Closer home, in the U.S., CATL’s rival Tesla has some grand plans. Tesla CEO Elon Musk said there are plans to use SpaceX technology to make the electric Tesla Roadster a supercar. Tesla is looking to add ten rocket thrusters around the car to improve speed, braking and cornering so much so that the Roadster would be capable of flying on the road.
Tesla is also coming up with new software updates which will include full self-driving features for Autopilot 2.0 vehicles. Meanwhile, Tesla’s Model Y is expected to be more popular than Model 3, and is expected to be priced between the ranges of the Model 3 and Model S.
As the world progresses more towards electric vehicles and self-driving cars, it will be interesting to watch how companies innovate and what strategies they adopt to stay ahead in the game and even win it.