CATL expects capacity utilization to stay high, remain healthy

CATL's signal that capacity is saturated and will stay high points to battery demand still outrunning supply, which matters for the upstream materials complex tied to electrification — lithium, nickel, cobalt and the RWA-style commodity exposure built around them. The company is expanding capacity in response, so the tension between new plants coming online and continued demand growth is the real story. Whether utilization stays elevated as that added capacity lands is the open question, and it will shape how tight the battery supply chain looks to everyone downstream.