CATL urgent response!
On June 7, CATL issued a statement on supply chain issues. The statement pointed out that a June 5 letter from a U.S. Congressman accused CATL of having ties to forced labor, which is baseless and completely false. The letter quoted information about the supplier in an inaccurate and misleading manner.
CATL stated in a statement that the company's business relationships with some of the suppliers mentioned in the letter have long been terminated; its business relationships with other suppliers are also with different subsidiaries and absolutely do not involve forced labor or any violation of applicable U.S. laws and regulations. There are also some companies among which CATL has never purchased any products from them, and the information quoted is completely wrong. CATL strictly complies with all laws and regulations applicable to operating and conducting business activities in the United States.
The statement also stated that CATL adheres to the highest business and ethical standards and has formulated effective policies to ensure a responsible and sustainable supply chain based on the highest global standards.
CATL has established strict internal procurement controls to ensure full compliance with all applicable requirements, the statement said. An audit toolkit "CREDIT" has also been deployed to assess the sustainability performance of companies across the entire battery supply chain to promote global energy transition and green development.
Yesterday, CATL’s share price fell sharply, falling by more than 8% during the session. Although the closing decline narrowed, it still fell by 5.66%.
Previously, according to Securities Times·Broker China, on the morning of the 7th, some institutions commented that on June 5, John Mueller, Chairman of the US House of Representatives Select Committee on China, Mark Green, Chairman of the House Homeland Security Committee, and Intelligence Committee Vice Chairman Marco Rubio and five Republicans, including Reps. Carlos Gimenez and Darin LaHood, jointly sent a letter to Department of Homeland Security Assistant Secretary for Strategy, Policy and Plans Robert S. Elvis, asked the administrative department to add CATL and Guoxuan Hi-Tech, two major Chinese battery manufacturers, to the entity list and ban the products of these two companies from entering the United States.
Lawmakers said in two letters to the Biden administration that the world's largest electric vehicle battery maker and Ford partner CATL and battery company Guoxuan Hi-tech, which is partly owned by Volkswagen, should be immediately placed on the import ban List. The letter was released publicly on Thursday local time.
