CATL shares slide after Li Auto unveils self-developed battery plans

This marks a notable shift in the EV supply chain, as a major automaker moves to internalize a core component previously sourced from the dominant battery maker. The market reaction suggests CATL's pricing power and volume outlook are now being questioned, not just by Li Auto's move but by the broader trend it signals. The key watchpoint is whether other large EV manufacturers follow suit, which could accelerate a structural re-rating of battery suppliers' growth expectations.