October 9, 2026 02:02 PM GMT TCO-equivalent $/kwh premium: Based on our analysis, CATL could justify up to a Rmb0.24/Wh price premium over tier-2 peers to reach a parity level in total cost of ownership. Secondhand car markets also price CATL's batteries at a >Rmb0.1/Wh premium. These are well above CATL's current margin premium of just Rmb0.09/ Wh over tier-2 peers, which we believe should be sustained. This also suggests CATL has passed a significant portion of its quality and performance advantages on to ...