Tesla's sales plummet, how is its main battery supplier CATL doing?
On March 9, Morgan Stanley strategy analysts Jack Lu and Kaylee Xu released a report stating that the main beneficiaries of Tesla's market share loss are CATL's other customers, which has little impact on CATL.
Morgan Stanley indicated that CATL's customer base is sufficiently diversified to effectively withstand market share risks. At the beginning of the year, Tesla's global market share declined, mainly being divided among CATL's other customers.
Morgan Stanley reminded that the real threat to CATL's market share actually comes from BYD, which may also be the only company in the global battery market that can form substantial competition with CATL.
Compared to BYD, Europe's protection measures for local car manufacturers may be more favorable for CATL's growth in the European market. In the Chinese market, CATL and BYD have formed a duopoly competition pattern.
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Currently, Tesla remains CATL's largest customer, contributing approximately 10% of the new energy vehicle battery shipments in the fourth quarter of 2024, with these electric vehicle models primarily sold to the Chinese market. Additionally, CATL's market share in Europe has increased, thanks to the launch of the Volkswagen ID.7

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Morgan Stanley stated that the main beneficiaries of Tesla's market share loss are other customers of CATL, and it does not have a significant impact on CATL. At the beginning of the year, Tesla's global market share declined, mainly being divided among other customers of CATL. The real threat to CATL's market share actually comes from BYD

- Tesla's sales have significantly declined, but its main battery supplier, CATL, remains stable.  
- Morgan Stanley analysts report that CATL's diverse customer base mitigates risks from Tesla's market share loss, with other clients benefiting from this shift.  
- The real threat to CATL's market position comes from BYD, which poses substantial competition, particularly in the Chinese market where a duopoly exists between the two companies.

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