On Tuesday, battery maker CATL settled its lawsuit with rival Svolt Energy in an unfair competition dispute. As part of the settlement, CATL received 5 million yuan (US$740,000) in compensation from Svolt Energy.
CATL and Svolt Energy will now work together to develop China’s new energy industry.
Last year, CATL held 32.6 percent of the world’s power battery market Svolt Energy ranked tenth in the industry with a market share of 1 percent.
