Strong demand for electric vehicles around the world helped to triple profits at Chinese battery giant CATL, the world’s largest battery maker. The company is reporting that third-quarter profits for the year will reach $1.23 billion.
CATL is going to use some of that money to buy a large stake in Chinese cobalt mining giant CMOC Group (aka China Molybdenum.) CATL announced on Monday that it will purchase a quarter of CMOC as part of a broader effort to ensure steady supplies of cobalt, lithium, and other raw materials needed to produce EV batteries.
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