Ningde Times, with a market value of 1.78 trillion yuan, joins hands with "Zhang Xue". Who will ride the electric motorcycles they produce?

Recently, news has spread that CATL (also known as "Ningwang") is going to cooperate with Zhang Xue Motorcycle to manufacture electric motorcycles. The cause was a themed video released by XinNengAn, a subsidiary of Contemporary Amperex Technology Co., Limited (300750.SZ), with the title "Zhang Xue Motorcycle × XinNengAn, a good show is just beginning, stay tuned!" This video instantly triggered a public outcry.

The "Ningwang" with a trillion - yuan market value has become associated with Zhang Xue, a racing champion who has recently become a sensation across the country. Are these "two powerhouses" really going to collaborate on a big project? According to Contemporary Amperex Technology, "preliminary discussions are underway now." However, regarding more specific cooperation matters, the other party said, "I don't know. There should be no specific time frame." XinNengAn has publicly stated that the company has confirmed cooperation with Zhang Xue Motorcycle in the field of electric motorcycles, but the launch time of specific models is yet to be determined.

Source: Screenshot from the Internet

Although the details have not been revealed, the news has already been officially announced. According to media reports such as "Touzhongwang" and "Dahe Caifang", there are already rumors in the market about the cooperative models. It is said that the first cooperative track - level electric motorcycle of the two parties is expected to be unveiled in the second half of 2026 and mass - produced in 2028, with a price range of 50,000 - 80,000 yuan, targeting mid - to high - end imported electric motorcycles.

Surprisingly, the news did not stimulate the stock price of CATL to rise. Instead, it was in a downward state. As of the close on April 9, Contemporary Amperex Technology closed at 389.99 yuan per share, a decline of 0.33%, with a total market value of 1.78 trillion yuan.

According to Bai Wenxi, the vice - chairman of the China Enterprise Capital Alliance and the chief economist in the China region, currently the market views this as a topic rather than a substantial benefit. In addition, as a subsidiary, XinNengAn accounts for a limited proportion of Contemporary Amperex Technology's overall revenue, so its impact on the overall valuation is weak. Coupled with the current pressure on the entire new energy sector, funds are more concerned about core variables such as the utilization rate of the main business capacity and price wars. Innovation in marginal businesses is difficult to form a valuation catalyst. From an investment logic perspective, the core drivers of Contemporary Amperex Technology's stock price are still the market share and profitability of its main business in power batteries, as well as the growth rate of its energy storage business. The cooperation in electric motorcycles is a "icing on the cake" strategic layout rather than a "timely help" turning point in performance. It is normal that it is difficult to attract funds in the short term.

Who will buy electric motorcycles priced from 50,000 yuan?

According to the report data of the overseas research institution MRFR, from 2022 to 2030, the compound annual growth rate of the global two - wheeled electric vehicle market is 34.57%. By 2030, the global two - wheeled electric vehicle market scale will exceed 100 billion US dollars.

Zhang Xue Motorcycle currently has several best - selling models with clear prices and positioning. For example, the double - swingarm version of the 500RR (sports bike, the most popular model) is nearly 30,000 yuan, and the single - swingarm version is about 33,700 yuan; the 500F (retro street bike) is also priced at nearly 30,000 yuan; the standard version of the 820RR (flagship three - cylinder sports bike, the same model as the champion's) is 43,800 yuan, and the track version is even more expensive, about 62,000 yuan. All these models are equipped with fuel engines. Zhang Xue Motorcycle has repeatedly emphasized that engine technology is the core competitiveness of its brand. In essence, the cooperative electric motorcycle replaces the engine, the core component, with an electric motor and a battery, which means replacing the technology. So, if it is still priced at a high level of 50,000 - 80,000 yuan, who will pay for the product?

Speaking of the price, it is indeed high. After all, the 125cc straddle - type motorcycles launched by Dachangjiang Group (Haojue) are priced at 5,000 - 8,000 yuan, and the more expensive 300cc cruiser (TR300) is priced at 23,800 - 24,800 yuan. Although they are cost - effective, they are fuel - powered motorcycles and are not in the same market segment.

It is not difficult to see that this pricing determines that the target customer groups mainly include three categories: first, motorcycle enthusiasts and performance players who pursue the ultimate handling experience and have a demand for alternatives to imported brands; second, track enthusiasts who need a "civilian version" that can be used on the road to meet both daily commuting and weekend track - day needs; third, technology early adopters who are willing to pay a premium for Contemporary Amperex Technology's battery technology, fast - charging ability (charging to 80% in 10 minutes), and intelligent experience.

Why choose to cooperate at this time? Bai Wenxi believes that the timing of this cooperation has profound strategic considerations. At the end of March 2026, Zhang Xue Motorcycle won two consecutive championships in the SSP category at the Portuguese round of the World Superbike Championship (WSBK), breaking the decades - long monopoly of European, American, and Japanese brands with an advantage of nearly 4 seconds over the second - place finisher. This is the first time a Chinese motorcycle brand has topped the list in a top - level international event. This historical breakthrough has quickly made Zhang Xue Motorcycle the focus of the industry, and its brand popularity and credibility have reached their peak.

Source: Canstock

For Contemporary Amperex Technology, choosing to engage in discussions at this time can not only quickly enter the high - end electric motorcycle market by leveraging Zhang Xue Motorcycle's event halo but also enhance the brand premium of XinNengAn in the field of performance electric motorcycles through the "champion endorsement". At the same time, with the advancement of the global "dual - carbon" goal and the deepening of the electrification wave, the high - end electric motorcycle market is shifting from "policy - driven" to "performance - driven". The technical thresholds of track - level electric motorcycles (high - rate discharge, continuous high - speed output, and strict temperature rise control) can just give full play to Contemporary Amperex Technology's technological accumulation in the field of power batteries. The cooperation between the two parties at this time is a "two - way pursuit" of technical strength and brand potential.

Shen Meng, the executive director of Xiangsong Capital, said bluntly that young people are more willing to pay for impulse, but the road for the two parties to cooperate on electric motorcycles is not easy. Because the model of the civilian market is completely different, and the domestic consumer demand for performance motorcycles is also limited.

Source: Canstock

CATL's long - term layout in electric motorcycles and two - wheeled electric vehicles

XinNengAn is a private consumer - grade lithium - ion battery manufacturer jointly established by ATL and Contemporary Amperex Technology. The company focuses on providing high - performance battery solutions for fields such as two - wheeled vehicles, drones, vacuum cleaners, power tools, and energy storage systems. Its core business covers battery R & D, manufacturing, and sales.

Tianyancha shows that XinNengAn was established on July 7, 2021, with a registered capital of 5 billion yuan. Xiamen XinNenghe Technology Co., Ltd. (referred to as "XinNenghe"), established in 2022, holds 85% of the shares and is the largest shareholder of XinNengAn. Contemporary Amperex Technology holds 70% of the shares of XinNenghe and is the largest shareholder of this company. The company's official website shows that it provides power solutions for all scenarios of short - distance travel for electric motorcycles, electric bicycles, shared battery - swapping, and electric three/four - wheeled vehicles, helping to accelerate the global process of "switching from fuel to electricity".

Source: Canstock

In terms of business layout, XinNengAn focuses on energy storage, short - distance travel, power tools, drones, cleaning tools, and the field of general robots. Its customers include leading brands such as Ninebot, Niu, Wuyang - Honda, and Yadea. Its competitiveness is reflected in the following aspects: first, the advantage of technological synergy, integrating the large - battery technology of Contemporary Amperex Technology and the small - battery technology of ATL; second, the first - mover advantage in the market, having occupied the first position in the global market share in the field of electric motorcycle lithium - ion batteries; third, the ability to cover various scenarios, with product reserves ranging from commuter electric bicycles to track - level electric motorcycles. In January 2026, Contemporary Amperex Technology clearly stated that it would rely on XinNengAn to comprehensively promote the electrification in fields such as electric two - wheeled vehicles, household energy storage, and drones.

Zhang Xue Motorcycle was established in April 2024, with a core team of over 100 people. 70% of them come from the mature motorcycle industry cluster in Chongqing, including senior talents from Yamaha, Kawasaki, etc. In 2025, its total output value was about 750 million yuan, and the sales volume was about 25,000 units. In January 2026, it received 90 million yuan in Series A financing, with a valuation of 1.09 billion yuan.

If the two parties cooperate, how will they produce this new product that has attracted much market attention? According to Bai Wenxi's analysis, the cooperation model between the two parties is expected to be a deep integration of "customized development of the battery system + vehicle integration". As the battery supplier, XinNengAn will develop a dedicated high - performance lithium - ion battery system for Zhang Xue Motorcycle; Zhang Xue Motorcycle will be responsible for vehicle engineering, chassis tuning, and brand operation.

Based on the advantages of both parties, XinNengAn's core advantage lies in inheriting the dual technological genes of Contemporary Amperex Technology in power batteries and ATL in consumer batteries. It is already an "invisible champion" with the first place in global drone battery shipments and the first market share in electric motorcycle lithium - ion batteries. It has mature products such as 72V90Ah large - cell batteries, which can support electric motorcycles to match the performance of 250cc fuel - powered motorcycles. Zhang Xue Motorcycle's advantages are reflected in its vehicle engineering capabilities verified by WSBK championships, the personal IP influence of its founder Zhang Xue, and the scarce brand premium of domestic high - end motorcycles.

Is CATL really investing or just riding on the wave of popularity?

In March 2026, the 820RR - RS racing motorcycle won two consecutive championships in the SSP category at the Portuguese round of the WSBK, leading by 3.685 seconds in the first round. This is the first time a Chinese brand has won the championship in this top - level event, breaking the 37 - year monopoly of European, American, and Japanese brands. Zhang Xue, born in Huaihua, Hunan in 1987, became an instant celebrity in this historic WSBK championship event.

Zhang Xue's story is like a real - life version of "The Fast and the Furious". From an apprentice to a world champion, he has experienced a grass - roots counter - attack, 20 years of perseverance, mortgaged his family property, and refused to make quick money - these sound like a script in a screenwriter's hands, but they are the real portrayal of Zhang Xue, a "Hunan lad" who has persisted for half his life. After becoming famous, his tough, direct, and passionate and just way of expression has attracted countless attentions. Of course, it has also attracted many people who want to ride on the wave of popularity to create new topics.

Chen Guangbiao, who is known as a "philanthropist", is one of them. When Zhang Xue's championship triggered a national sensation, Chen Guangbiao timely released a video saying that he would give Zhang Xue a 2026 extended Rolls - Royce Phantom worth 13 million yuan as a reward for him "bringing glory to the country". He said the car was in Nanjing and waiting for contact. An unimportant detail is that the time when Chen Guangbiao expressed his "car - giving" intention was "April 1st".

Source: Canstock

The next day, Zhang Xue responded to Chen Guangbiao in Chongqing dialect: "Are you serious? Then I'll take it." (Meaning: Are you not kidding me? Then I'll accept it.) But he immediately stated that he would find a second - hand car dealer to sell it at a 20% discount and donate all the proceeds to the Yanran Angel Foundation. His team would continue to pick up customers in a van. Many netizens believe that Zhang Xue did this to "teach" Chen Guangbiao for previously riding on the wave of Li Yapeng's comeback and making an empty promise to the Yanran Angel Foundation. He used this "tactic" to force Chen Guangbiao to turn his empty promise to Li Yapeng into actual charitable funds. On April 5, Chen Guangbiao posted a remittance slip of 10 million yuan donated to the Yanran Hospital, and this matter came to an end.

In Shen Meng's view, with Zhang Xue and Zhang Xue Motorcycle being so