CATL has incubated a unicorn.
In the surging wave of the new energy vehicle industry, a profound transformation is brewing.
On July 28, Wallstreetcn learned from informed sources that CATL (Shanghai) Intelligent Technology Co., Ltd., a subsidiary of CATL specializing in skateboard chassis (hereinafter referred to as "CATL Intelligent"), is about to officially complete its first round of financing from external investors, with a post - investment valuation exceeding 10 billion yuan.
For CATL, which has grown into a trillion - yuan giant, 10 billion yuan may just be a number. However, for the entire automotive industry, the signal behind this number cannot be underestimated. It means that the capital market is not only voting for a new technology but also betting on a "new paradigm" that may disrupt the existing automobile manufacturing system.
The skateboard chassis promises to bring unprecedented R & D efficiency, more extreme safety performance, and lower manufacturing costs to automobile manufacturers, making car - building as possible as "building Lego".
When the platform - based barriers that traditional automotive giants are proud of encounter a dimensionality - reduction strike, is an "Android era" for the automotive industry really coming? The emergence of CATL Intelligent, a unicorn worth 10 billion yuan, not only stirs up the waters of the industrial chain but also poses a serious question about the future to the entire industry.
Capital Injection
This financing is the first time that CATL Intelligent has opened its equity to capital outside the CATL system since its establishment in July 2021.
Wallstreetcn learned that this round of financing was led by top domestic market - oriented investment institutions and successfully attracted the joint support of heavyweight new energy industry capital and powerful state - owned capital.
The entry of external market - oriented investment institutions is far more significant than the funds themselves. It marks that CATL Intelligent's technical route, business model, and future market potential have been examined and recognized by the most discerning eyes in the capital market. Its 10 - billion - yuan valuation is no longer an internal estimate based on the halo of its parent company but a real market value.
This financing move sends a clear signal: after the initial internal incubation and technical verification, CATL Intelligent has completed the accumulation from 0 to 1 and officially stepped out from under the wings of CATL. In the posture of a unicorn, it has entered the sprint stage of large - scale commercialization.
The confidence of CATL Intelligent to win the favor of capital comes from its core technology - the "Panshi" integrated intelligent chassis, namely the skateboard chassis. This is not a simple stacking of components but a fundamental reconstruction of the traditional automobile manufacturing logic.
Technically, the Panshi chassis is the ultimate manifestation of CATL's CTC technology. It integrates hundreds of core components, such as the battery pack, electric drive system, thermal management system, steer - by - wire, and brake - by - wire, which were previously scattered throughout the vehicle, onto a platform - based chassis structure through a high - degree of functional integration.
The subversiveness of this design lies in that it realizes the "decoupling of the upper and lower parts" of the vehicle. An industry insider pointed out that this is equivalent to dividing automobile manufacturing into two parts, just like building Lego blocks. CATL provides a standardized and high - performance "base", while automobile manufacturers can focus on the styling, cockpit, brand, and user experience of the "upper part" of the "blocks" without distraction.
With the support of the Panshi chassis, the cycle from design to mass production of traditional automobiles, which used to take 36 months or even longer, has been compressed to 12 - 18 months. For automobile manufacturers in the era of "the fast - fish eating the slow - fish", time is the lifeline and market share.
A partner of CATL Intelligent revealed that after adopting the Panshi chassis, the overall vehicle development cost can be saved by 60% to 70%, and the vehicle hardware cost can also be reduced by about 5%.
The value of the Panshi chassis is not only about "cost reduction and efficiency improvement" but also lies in its ability to control safety. In a test last year, a vehicle equipped with this chassis crashed head - on into a center pillar at a "deadly speed" of 120 km/h. As a result, the battery did not catch fire, explode, or experience thermal runaway. This achievement instantly raised the industry's safety standard to a new level. Through structural innovation, the Panshi chassis can absorb up to 85% of the vehicle's collision energy, far exceeding the 60% of traditional chassis.
This makes the Panshi chassis an efficient and mobile energy carrier centered around the battery and as solid as a rock. The car - building logic has thus completely changed from the traditional idea of "first having a car and then finding a place to put the battery" to a new paradigm of "first having the safest battery and energy core and then building the whole vehicle based on it".
Accelerated Expansion
If a disruptive technology wants to succeed, it cannot do without a strong and diverse ecosystem. CATL Intelligent understands this well and is actively building an industrial circle of friends for its Panshi chassis.
The starting point of this circle of friends is high - end intelligent electric vehicle brands. As the crystallization of the CHN model jointly developed by Changan, Huawei, and CATL, Avita announced with high - profile at the end of last year that it would be the global first - launch cooperation brand for the Panshi chassis. This positioning aims to enter the industry from the high end and set a technical benchmark.
Subsequently, the cooperation map extended to mainstream joint - venture automobile manufacturers. In May this year, CATL announced that it would cooperate with Changan Mazda to jointly develop new energy vehicles based on its skateboard chassis. For Mazda, which has been a bit slow in the electrification transformation, the Panshi chassis undoubtedly provides a shortcut to quickly enter the most competitive market in the world - China, enabling it to quickly make up for its core short - board in electrification while maintaining its own brand tone.
A more forward - looking layout lies in the penetration of the future mobility market. In July this year, CATL Intelligent announced a strategic cooperation with the leading mobility platform T3 Mobility. The two sides will conduct in - depth exploration around the Panshi chassis and the operation scenarios of Robotaxis.
From high - end intelligent brands to mainstream joint - venture automobile manufacturers and then to future mobility service providers, the cooperation partner map of CATL Intelligent clearly outlines a strategic expansion path from point to surface and from the C - end to the B - end.
These are just the beginning. Wallstreetcn learned that CATL Intelligent's overseas projects are also in close progress, and new milestone nodes may be disclosed in the near future.
The emergence of the Panshi chassis has let the industry see the dawn of an "Android era" in the automotive industry.
Optimists believe that like the Android system for smartphones, it will greatly lower the threshold for car - building and give rise to more innovative brands focusing on niche markets and personalized experiences. Automobile manufacturers can be liberated from the heavy and highly homogeneous chassis hardware engineering and focus more resources on higher - value - added aspects such as software - defined vehicles and user ecosystem operation, thus promoting the entire industry to enter a new era of innovation with a hundred flowers blooming.
Data from QY Research shows that the global sales of skateboard platforms (chassis) reached 15.53 billion US dollars in 2024 and are expected to reach 63.88 billion US dollars in 2031, with a compound annual growth rate (CAGR) of 22.7%.
On the other side of the coin are the vigilance and doubts of traditional giants. For multinational automobile manufacturers such as Volkswagen, Toyota, and General Motors, which have a deep foundation in platformization (such as the MQB and TNGA platforms), the chassis is the cornerstone of their brand genes, driving feel, and core competitiveness, and is a lifeline that they are reluctant to entrust to others easily. They are also investing huge amounts of money in researching and developing their own electrification platforms. The standardization concept of the skateboard chassis naturally conflicts with their strategy of pursuing brand uniqueness and technological moats.
In addition, the contradiction between standardization and differentiation is becoming increasingly prominent. The skateboard chassis pursues extreme standardization to reduce costs, but consumers ultimately buy personalized products. How to create a truly differentiated and attractive "upper part" of the vehicle on the standardized "lower part" and avoid the products falling into a new round of homogeneous competition is the core question that all automobile manufacturers adopting this model must answer.
Therefore, the future of the Panshi chassis is not all smooth sailing. The challenges it faces are not only the continuous iteration of technology but also the huge impact on the deeply ingrained traditions and interest patterns of the entire industry in terms of the business model.
Back to the 10 - billion - yuan financing of CATL Intelligent. This capital will undoubtedly inject a shot in the arm for its subsequent mass production, technology R & D, and ecosystem construction. However, more important than the capital is the market confidence it conveys.
It may be too early to conclude whether this "Panshi" thrown into the future by CATL can truly become a solid cornerstone to support the new edifice of the automotive industry. But it is certain that the industrial revolution set off by a "skateboard" has officially begun, and this 10 - billion - yuan financing is just the prologue of this grand transformation.
This article is from the WeChat official account "Auto You Fan Er". Author: Zhou Zhiyu, Editor: Zhang Xiaoling. Republished by 36Kr with permission.