CATL's capacity utilization rate is saturated

Thanks to the support of downstream orders, CATL's capacity utilization rate was 76.33% last year, a further increase from 70.47% in 2023. CATL management said that compared with the first half of last year, the capacity utilization rate in the second half of the year increased by about 20 percentage points, close to the company's historical peak level. In the fourth quarter of last year, CATL's capacity utilization rate was extremely high, and it even faced a situation where its capacity was insufficient to keep up with delivery. To this end, CATL plans to expand capital expenditures in the next 1-2 years to continue expanding battery production capacity.