China's Xi tells CATL he has mixed feelings about its battery market dominance

📆 07/03/2023 12:30:00
📰 Reuters

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Chinese President Xi Jinping told CATL on Monday he had mixed feelings about its status as the world's largest battery maker - remarks that come at a time when the company is rapidly expanding abroad and moving to undercut domestic rivals.

"Emerging industries must do a good job in planning, figuring out how big the market is and where the risks are. They should avoid marching ahead alone in an invincible fashion, only to be caught out by others and fail in the end," Xi was quoted as saying.Beijing has in recent years tightened its grip over the country's biggest companies, regulating how they do business in and outside China on areas from fundraising to data security.

CATL did not immediately respond to a request for comment. Xinhua did not say whether Zeng had responded to Xi.Reporting by Zhang Yan and Brenda Goh; Editing by Edwina Gibbs

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