CATL's Aviation Battery Exclusive Lands as JPMorgan Trims Targets on Cost Pass-Through
Published on 11/15/2026 at 13:41 | Editorial boerse-global.de
CATL has locked in a sole-supplier role for electric aviation, but the deal flow did nothing to shift JPMorgan's more cautious arithmetic on the battery maker's shares.
The Chinese group on Thursday sealed a strategic partnership with Yiwite (Hangzhou) Aviation Technology, making it the exclusive battery supplier for that company's passenger and cargo eVTOL aircraft. The arrangement covers electrically powered vertical take-off and landing vehicles.
It was the third leg of a busy week of alliances. On Wednesday, CATL agreed with the Civil Aviation University of China to set up a joint innovation laboratory focused on airworthiness of aviation batteries. The lab will study standards and conformity testing and build out a test platform.
Two days earlier, the company signed separate strategic agreements with the public transport operators of Benxi, Changzhou, Guiyang and Lanzhou. Those cover battery supply and replacement, customer service, urban battery-swap networks, recycling and vehicle-to-grid interaction. The same day brought a memorandum with the Chenzhou city government on green resources, renewable power, swap infrastructure and transport electrification.
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JPMorgan Cuts Both Targets
JPMorgan lowered its price target on CATL's H-shares to HKD420 from HKD440 on November 6, keeping a "Neutral" rating. For the A-shares, the bank trimmed its target to RMB300 from RMB310 while staying "Overweight."
The driver, according to the US house, was a harder-than-expected pass-through of battery control costs. JPMorgan cut its per-unit profit assumptions rather than its volume forecasts.
Market Anxiety Beyond the Model
Broader worries are also weighing on the stock. The South China Morning Post attributed recent weakness to concerns over the domestic battery market, potential new US import restrictions and overcapacity, citing analysts who called for stronger measures to counter the pressure on the business. On Friday the shares fell 1.0% to CNY237.70.
CATL at a turning point? This analysis reveals what investors need to know now.
CATL's deal-making stretched into other areas as well. A November 8 cooperation with Chinalco spans non-ferrous metal materials, recycled metals, renewable energy and storage, along with support for global supply chains. For European home storage, CATL, Octopus Energy and Ampace announced a letter of intent on November 3.
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