S&P moves CATL outlook to positive

S&P said it changed its outlook for Contemporary Amperex Technology Co. Ltd. to positive from stable and its BBB+ ratings on the company and its dollar-denominated senior unsecured bonds.

“Increasing penetration of electric vehicles (EV) will support CATL's solid business growth in 2023 and 2024. We expect global EV penetration to increase to 17%-22% by 2025, from 13% in 2022. This is as automakers accelerate EV initiatives to meet their long-term carbon-neutral target. China, the frontrunner in the global EV market, will likely see its EV penetration increase to 35%-40% by 2025 from 27% in 2022,” the agency said in a press release.

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