CATL's biggest customer revealed!

Recently, as the domestic new energy vehicle power battery installation data for February 2026 has been gradually disclosed, the industry leader CATL’s core customer map has become clearer, with its largest customer officially revealed—Li Auto, accounting for 12.6% of procurement, becoming the largest vehicle manufacturer supported by CATL’s power batteries in that month. Tesla China, Geely Auto, and other top automakers follow closely, forming a diverse and stable core customer matrix for CATL.

According to the February 2026 New Energy Vehicle Three Electric System Insights Report released by the China Automobile Circulation Association Passenger Car Branch, the domestic new energy vehicle power battery installation volume reached 27.3 GWh in that month, down 19.2% year-on-year. The industry faces short-term adjustment pressures, mainly due to the slowdown in vehicle production and sales during the Spring Festival holiday, high base figures from the same period last year, and the market entering a stock competition phase for new energy vehicles. Despite the overall decline in installation volume, the concentration of leading companies has further increased, with the top 10 companies dominating the market. Among them, CATL, Fudi Battery, CALB, Guoxuan High-tech, EVE Energy (rights protection), Hoshine Energy, LG, Ruipu LanJun, Jiyou Tongxing, and Xingwangda rank in the top ten, with the following specific data for the other nine companies: Fudi Battery installed 4,628 MWh in that month, with a market share of 17.0%; CALB installed 1.58 GWh, with a market share of 6.00%; Guoxuan High-tech installed 1.39 GWh, with a market share of 5.27%; EVE Energy installed 1.20 GWh, with a market share of 4.56%; Hoshine Energy installed 0.34 GWh, with a market share of 1.30%; LG (LG New Energy) installed 1.42 GWh, with a market share of 5.40%; Ruipu LanJun installed 0.82 GWh, with a market share of 3.12%; Jiyou Tongxing installed 0.66 GWh, with a market share of 2.50%; Xingwangda installed 0.75 GWh, with a market share of 2.85%.

During this industry adjustment period, CATL’s leading position continues to be solidified. Data shows that in February 2026, CATL’s power battery installation accounted for 52.7% of the total national installation volume, more than half of the market share, demonstrating its absolute advantage in the power battery field, far surpassing other competitors and widening the gap with the second place. This highlights CATL’s strong cyclical resilience and market competitiveness. It is reported that in that month, CATL completed an installation volume of 14,366 MWh, firmly maintaining the top position in the domestic market, with its market share advantage becoming even more prominent during the industry downturn.

The disclosed customer data further reveals the core logic behind CATL’s steady development—diverse and high-quality top-tier customer structure. Specifically, among the vehicle manufacturers supported by CATL in February, Li Auto, with a procurement share of 12.6%, became its largest customer. This result is attributed to long-term deep technical cooperation between the two sides, from the Li ONE to the L series flagship SUV, and the pure electric MPV Li MEGA. CATL has consistently provided customized high-performance power battery solutions for Li Auto. To date, vehicles equipped with CATL batteries have delivered nearly one million units, with no thermal runaway incidents caused by the batteries themselves. Their cooperation has become an industry benchmark. Notably, Li Auto adopts a “dual-line” strategy for battery supply, and its joint development cooperation with CATL remains the core support for its high-end models’ batteries, directly driving Li Auto to become CATL’s largest single-month customer.

Following Li Auto, Tesla China, with a procurement share of 12.2%, ranks as CATL’s second-largest customer. As a global leader in new energy vehicles, Tesla’s cooperation with CATL has long been deeply integrated. In January 2026, the two parties renewed the power battery supply framework agreement for 2026-2027, agreeing that CATL would supply over 40 GWh of lithium-ion power batteries annually to Tesla, mainly for models like Model 3 and Model Y, to meet production demands at the China and Berlin factories. The February procurement data also confirms the stability and depth of their cooperation.

Geely Auto, NIO, and Xiaomi Auto, with procurement shares of 10.7%, 10.2%, and 7.9%, respectively, are also key supporting customers for CATL in February. Among them, Geely Auto, as a leading domestic independent brand, has long established a “capital-technology-market” deep partnership with CATL through joint ventures. The two sides cooperate comprehensively in battery technology R&D, capacity building, and other areas, further strengthening their collaboration. NIO continues to deepen its cooperation with CATL in high-end power batteries, jointly promoting technological iteration. Xiaomi Auto, a rising star in the new energy industry, has established close cooperation with CATL since entering the market. Its 7.9% procurement share also reflects the recognition of CATL’s product strength by leading new force automakers.

Industry insiders point out that CATL’s ability to maintain its leading position during industry adjustments is mainly due to its technological R&D advantages, stable capacity supply, and diversified top-tier customer base. The exposure of its largest customer not only demonstrates CATL’s strong penetration into the downstream vehicle market but also reflects a symbiotic and mutually beneficial cooperation ecosystem with leading automakers. It is worth noting that, beyond domestic top clients, CATL is also expanding globally. Recently, it deepened strategic cooperation with BMW Group, focusing on power battery technology R&D, supply chain collaboration, and carbon reduction efforts, further expanding its global customer base and laying a solid foundation for long-term development.

In the short term, as companies accelerate resumption of work and production after the Spring Festival, the demand in the new energy vehicle terminal market is expected to gradually recover, potentially leading to a month-on-month rebound in power battery installation volume. In the long term, driven by continuous upgrading of the new energy vehicle industry and rapid growth of the energy storage market, the power battery industry still has broad development prospects. With its leading advantages, high-quality customer matrix, and ongoing technological innovation, CATL is expected to further expand its advantages in industry competition and continue to lead the high-quality development of the global power battery industry.