The market regulator has cleared the way for a major consolidation in the electric vehicle battery sector. On September 14, the State Administration for Market Regulation published its list of unconditionally approved business concentration cases for the period from August 31 to September 6, 2026, which includes the acquisition of Chongqing Yaoning New Energy Technology Co., Ltd. by Contemporary Amperex Technology Co., Limited (CATL).

This acquisition traces its roots back to 2011, when the Fuling District People's Government of Chongqing signed a cooperation agreement with Geely Technology Group. That agreement led to the establishment of Geely's new energy power battery project in Fuling, which was set up under the joint venture name Chihang New Energy (Chongqing) Co., Ltd. — later renamed Chongqing Yaoning New Energy. The venture was originally co-founded by Geely Technology Group and Farasis Energy (Ganzhou) Co., Ltd.

The project represents a total investment of approximately 8.5 billion yuan and is focused on the research and development, production, and sales of power battery cells, modules, and battery packs. Following a subsequent exit by Farasis Energy from the partnership, the company was officially rebranded as Chongqing Yaoning New Energy, setting the stage for the current transaction now approved by regulators.