Competitive Landscape Update Small battery makers still struggled to break even in ESS in 1H, despite surging volumes; their EV battery margins look better than ESS, but market share remained subdued. The landscape is not changing. Yet, CATL's valuation has become the cheapest in the industry after the recent sector rally. Competitive landscape review post 1H results. Overall, we believe CATL's industry position strengthened in 1H, with significant share gains in the European EV battery market. Small batter ...