Contemporary Amperex Technology Co. Ltd.: A Bull Case for the Ford Deal

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Contemporary Amperex Technology Co. Ltd.: A Bull Case for the Ford Deal

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May 12, 2026 09:53 PM GMT

Morgan Stanley Asia Limited+MContemporary Amperex Technology Co. Ltd. | Asia Jack Lu

Pacific Equity Analyst

Jack.Lu@morganstanley.com +852 2848-5044

Morgan Stanley & Co. LLC

A Bull Case for the Ford Deal Andrew S Percoco

Equity Analyst

In our view, the debate should not center on this 20GWh ESS Andrew.Percoco@morganstanley.com +1 212 296-4322

project but on the scalability of the Ford-CATL model. If the Morgan Stanley Asia Limited+

Kaylee Xu

licensing structure proves repeatable, further capacity expansion Equity Analyst

could follow with or without AMPC. Bull case: CATL could Kaylee.Xu@morganstanley.com +852 2239-1506

emerge as the "shadow king" of batteries in the US. Contemporary Amperex Technology Co. Ltd. (3750.HK,

3750 HK)

Ford's deal with CATL. According to Bloomberg news today, Ford’s (covered by Top Pick

Andrew Percoco) deepening partnership with CATL is now extending from EV China Energy & Chemicals | China

batteries into energy storage, highlighting a pragmatic, economically driven

Stock Rating Overweight

collaboration that stands in contrast to the mixed geopolitical signaling ahead of the Industry View In-Line

Trump-Xi summit. Although the Ford-CATL ESS push is largely a conversion of an Price target HK$815.00

Up/downside to price target (%) 25

existing EV battery program, the underlying profitability profile is structurally more Shr price, close (May 12, 2026) HK$651.50

52-Week Range HK$745.00-288.51

attractive, with potential order backlog from AIDC, according to Andrew Percoco. Sh out, dil, curr (mn) 177

Ford's ESS product is a standardized 20-foot containerized battery energy storage Mkt cap, curr (mn) Rmb2,068,172.4

EV, curr (mn) Rmb1,885,429.4