Tesla Battery Supplier CATL Rides EV Boom to $200 Billion

China’s battery champion is drawing strength from the electric-vehicle boom.

Shares of Contemporary Amperex Technology Co. 300750 -6.51% have soared 62% this year, as of Thursday. That has given the company, also known as CATL, a market value of roughly $203 billion, making it the third-largest business listed in mainland China.

The rally has outpaced rises for rival battery makers Panasonic Corp. of Japan, whose shares have gained 10.5%, and LG Chem Ltd. in South Korea, which logged a slight drop in the same period. CATL has also outperformed EV makers such as Tesla Inc. , NIO Inc. and XPeng Inc. , whose shares have struggled after surging last year.

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