CATL Invests Over 17 Billion Yuan to Expand into AI Data Centers and Other New Sectors
Nashnova编辑部
CATL has led at least seven equity deals totaling over RMB 17 billion since last June, extending its reach from batteries into AI data centers, humanoid robots, and DeepSeek — betting it can lock in the next growth curve before EV demand plateaus.
Where is the 17 billion going?
Since June last year, CATL has completed at least seven equity deals spanning humanoid robots, state-owned hydropower plants, AI data centers, and large-language-model developer DeepSeek.
Data centers dominate: $942 million to acquire up to 38.1% of GDS Holdings — a Nasdaq-listed, carrier-neutral data-center operator — making CATL its largest shareholder.
This month, CATL is also paying RMB 4.09 billion for a 49% stake in Hangzhou Zhongheng Electric, which supplies power systems and charging equipment to data centers.
This means → CATL is not just buying downstream battery customers — it is pushing deep into data-center infrastructure along the power supply chain.
Why is a battery company moving into data centers?
Fitch Ratings' Asia-Pacific corporate director Yang Jing says this round is strategic positioning, mirroring CATL's earlier playbook of investing in EV startups and forming joint ventures with automakers.
Her words: "As the incumbent leader, maintaining market share and margins requires identifying new high-growth frontiers early and seizing first-mover advantage."
In plain terms = CATL's core competence is massive-scale energy storage, and AI data centers are among the world's hungriest power consumers — selling storage tech to data centers offers more upside than another price war in EVs.
What is wrong with the EV business?
CATL remains the world's largest lithium-ion battery maker for EVs and energy-storage systems, but it faces twin pressures: softening EV demand in China + intensifying competition in overseas storage markets.
This reflects an industry inflection point: as EVs shift from explosive growth to maturity, the growth ceiling for battery leaders becomes visible.
In plain terms = the rate at which batteries sell to automakers is slowing, and CATL needs the next buyer capable of absorbing enormous battery capacity — AI data centers are the leading candidate.
Can the "third growth curve" deliver?
Yang Jing argues AI data centers have high growth and high barriers to entry, potentially forming a "third growth curve" after EVs and energy-storage systems.
But she also notes the thesis depends on how fast data-center storage demand actually scales.
This means → the real question is not whether CATL *can* do this, but how large and how soon AI computing expansion drives power demand — that is the core variable deciding whether the 17-billion-yuan bet pays off.
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