--- title: "CITIC Construction Investment: Tesla's U.S. photovoltaic manufacturing layout accelerates, China's TOPCon patents welcome value realization" type: "News" locale: "en" url: "https://longbridge.com/en/news/280283453.md" description: "CITIC Construction Investment released a research report stating that Tesla plans to procure photovoltaic modules and battery equipment worth $2.9 billion from Chinese equipment manufacturers, aiming to achieve a manufacturing capacity of 100GW in the United States by the end of 2028. It is expected that Tesla will prioritize TOPCon technology due to its high maturity and superior cost-effectiveness. Companies such as Jinko Solar, JA SOLAR, and TRINA SOLAR are recommended for attention" datetime: "2026-03-24T08:49:07.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280283453.md) - [en](https://longbridge.com/en/news/280283453.md) - [zh-HK](https://longbridge.com/zh-HK/news/280283453.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/280283453.md) | [繁體中文](https://longbridge.com/zh-HK/news/280283453.md) # CITIC Construction Investment: Tesla's U.S. photovoltaic manufacturing layout accelerates, China's TOPCon patents welcome value realization According to the Zhitong Finance APP, CITIC Construction Investment has released a research report stating that, referencing market media news, Tesla (TSLA.US) is planning to procure photovoltaic modules and battery equipment worth $2.9 billion from Chinese equipment manufacturers. Its goal is to achieve a manufacturing capacity of 100GW from raw materials to modules in the United States by the end of 2028. It is expected that Tesla's ground photovoltaic module technology route will prioritize TOPCon technology, mainly considering that TOPCon technology has a high penetration rate, and both equipment and processes are very mature, which can meet Tesla's rapid production needs. Additionally, TOPCon modules have a high cost-performance ratio and room for efficiency improvement. It is recommended to pay attention to Jinko Solar (688223.SH), JA SOLAR (002459.SZ), and TRINA SOLAR (688599.SH). ## The main points of CITIC Construction Investment are as follows: Referencing market media news, Tesla is planning to procure photovoltaic modules and battery equipment worth $2.9 billion (approximately RMB 20 billion) from Chinese equipment manufacturers to meet the power demand brought by the growth of data centers. Its goal is to achieve a manufacturing capacity of 100GW from raw materials to modules in the United States by the end of 2028. It is expected that Tesla's ground photovoltaic module technology route will prioritize TOPCon technology, mainly considering: 1) Fast production speed: By 2025, the penetration rate of TOPCon technology is expected to reach 87.6%, with both equipment and processes being very mature; 2) High cost-performance ratio: TOPCon technology has the lowest capital expenditure among several N-type battery routes, with module mass production efficiency already reaching 23.7%, and future upgrades are expected through technologies such as edge passivation, Polyfinger, and 0B. **If Tesla confirms the application of TOPCon technology for its 100GW ground module capacity, considering the patent barriers and process advantages of TOPCon, Jinko Solar is likely to become its preferred strategic partner.** From the perspective of patent barriers, Jinko Solar holds approximately 600-700 valid patents at the United States Patent and Trademark Office (USPTO), with over 200 authorized patents (B1, B2 patents), establishing an industry-leading legal moat for N-type technology. Among them, the "Patent No. 136" and "Patent No. 454" jointly lock in the core back passivation technology of TOPCon batteries and have already played a role in patent disputes in the U.S. market with Toyo/VSUN, with both parties having reached a settlement. From the perspective of process advantages, Jinko Solar's Shanxi base is currently the most vertically integrated and largest production base in the global photovoltaic industry. This base has achieved a super cluster of the four major links of TOPCon modules: "monocrystalline silicon rod - silicon wafer - high-efficiency battery - module," perfectly meeting Tesla's production requirements from raw materials to modules. **Referencing the recent patent fees paid by Aiko to Maxeon, if Tesla's 100GW TOPCon capacity is realized, it is expected that Jinko Solar's annual patent fee income will be in the range of RMB 3-10 billion.** The non-U.S. market BC battery and module patent licensing fee paid by Aiko to Maxeon is approximately 1 cent/W, accounting for about 1% of the current selling price and approximately 10% of the profit of BC modules Considering that the prices and net profits of photovoltaic modules in the U.S. market are significantly higher than in other markets, it is assumed that the prices and net profits of domestically produced modules in the U.S. are 3 RMB/W and 1 RMB/W, respectively, corresponding to Jinko Solar's patent fee range of 0.03-0.1 RMB/W. **Jinko Solar, JA Solar, and TRINA SOLAR are the leading companies in the TOPCon first tier, among which JA Solar and TRINA SOLAR also hold some TOPCon-related patents and are expected to benefit from Tesla's production capacity planning in the U.S.** JA Solar and TRINA SOLAR have also laid out a large number of TOPCon-related patents in North America. In addition to the LG foundational patent package purchased early on with Jinko Solar, JA Solar has registered many patents related to SMBB and high-density packaging in North America, while TRINA SOLAR has focused on multi-layer passivation film stacking and laser doping-related patents. **Investment Recommendation** To meet the rapidly growing electricity demand from data centers in the U.S., Tesla is accelerating the construction of 100GW TOPCon production capacity. Currently, TOPCon battery and module patents are mainly concentrated in three companies: Jinko Solar, JA Solar, and TRINA SOLAR. Among them, Jinko Solar, as the leader in TOPCon, has outstanding advantages in terms of the number and quality of patents and integrated processes, and is expected to become Tesla's preferred strategic partner for the 100GW production line in North America. JA Solar and TRINA SOLAR, which also hold some core TOPCon patents, are also expected to benefit. **Risk Warning** Risks related to the execution progress and technical path changes of Tesla's projects. Tesla's 100GW production capacity plan extends to 2028, and the project's implementation is affected by funding procurement, the completeness of the U.S. domestic supply chain, and the effectiveness of local policy enforcement, posing a risk of slower-than-expected progress. Additionally, photovoltaic technology is rapidly iterating; if Tesla shifts to other technological paths such as perovskite stacking or TBC in the future, it may lead to a decrease in the coverage of existing TOPCon patents, affecting long-term licensing revenue. Risks of intellectual property litigation and patent invalidation. Currently, North American giants like First Solar are continuously initiating multiple reviews (IPR) through the USPTO, attempting to challenge the validity of core patents held by Chinese companies. If foundational patents such as No. 136 and No. 454 are ruled invalid in subsequent litigation, or if competitors develop highly efficient alternative processes that completely avoid the existing patent protection scope, it will weaken the technological discourse power and charging basis of Chinese companies. Risks of geopolitical and trade policy changes. The U.S. Inflation Reduction Act (IRA) may have dynamic adjustments to the definition standards for "foreign entities of concern" (FEOC). If the U.S. tightens regulations on the export of Chinese photovoltaic technology or restricts domestic companies like Tesla from paying technology licensing fees through administrative means, it will directly impact the IP monetization progress and revenue certainty of Chinese manufacturers in the North American market ### Related Stocks - [GraniteShares 1.25x Long Tsla Daily ETF (TSL.US)](https://longbridge.com/en/quote/TSL.US.md) - [Tesla, Inc. (TSLA.US)](https://longbridge.com/en/quote/TSLA.US.md) - [Jinko Solar (688223.CN)](https://longbridge.com/en/quote/688223.CN.md) - [TRINA SOLAR (688599.CN)](https://longbridge.com/en/quote/688599.CN.md) - [JinkoSolar Holding Co., Ltd. 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