China's Lithium Battery Industry Enters Globalization 2.0: Capacity & Capital Synergy Leads the Chain

    Leveraging the dividends of the global new energy transition, the internationalization layout of Chinese lithium battery enterprises has evolved from simple product export in the early stage to the comprehensive 2.0 phase featuring substantive capacity localization and in-depth capital participation. According to public data, from 2020 to 2024, China's lithium battery export volume surged from 15.94 billion USD to 61.121 billion USD, with a compound annual growth rate (CAGR) of approximately 40%. Overseas markets have emerged as a crucial growth driver for the industry. In terms of the industrial structure, China supplies 70% of global battery materials and 60% of power batteries, cementing its core position in the global industrial chain.

    Against this backdrop, leading enterprises are accelerating their overseas capacity expansion, fostering a pattern of "chain leaders driving, and the entire industrial chain going global as a cluster". As a key global electric vehicle market, Europe has become the core destination for enterprise overseas expansion. Industry giants such as CATL, Gotion High-tech, and CALB have successively established production bases in Germany, Hungary, Portugal and other countries, covering the entire market spectrum of Western Europe, Central and Eastern Europe, and Southern Europe. Through localized production, these enterprises shorten supply chains, reduce logistics costs, bypass trade barriers, and precisely meet the demand of international automakers including Volkswagen, BMW, and Stellantis. Meanwhile, listing on the Hong Kong Stock Exchange has become a pivotal strategy for enterprises to deepen their international capital layout. Since 2025, a number of leading players including CATL and EVE Energy have intensively announced their Hong Kong IPO plans, with the raised funds mainly earmarked for overseas production base construction and technological R&D. This has forged a new pattern of synergistic overseas expansion integrating capacity and capital. Notably, CATL was listed on the Hong Kong Stock Exchange in May 2025; after the over-allotment option was exercised, the company raised over 40 billion HKD, setting a new record for the largest IPO in Hong Kong stocks within the year.