Tesla's Battery Supplier CATL And Tencent Added To List Of Companies With Ties To Chinese Military

Benzinga

The Pentagon recently added Tesla’s battery suppliers, Contemporary Amperex Technology, and Tencent to its list of companies with ties to the Chinese military. While the designation has minimal direct business impact, it sparked investor concerns over the growing U.S.-China tensions. CATL's shares dropped 3%, and Tencent’s plunged 7% in Hong Kong. This move could ripple effect, leading to further scrutiny of Chinese firms, especially those with significant U.S. market involvement. Both companies have denied the accusations and are considering legal action.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:02The Pentagon recently added Tesla's battery supplier, Contemporary Amperix Technology,

00:07and Tencent to its list of companies with ties to the Chinese military.

00:11While the designation has minimal direct business impact,

00:14it sparked investor concerns over the growing U.S.-China tensions.

00:18CATL shares dropped 3%, and Tencent's plunged 7% in Hong Kong.

00:24This move could have a ripple effect, leading to further scrutiny of Chinese firms,

00:28especially those with significant U.S. market involvement.

00:31Both companies have denied the accusations and are considering legal action.

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