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Elon Musk’s Business Partner in China is Already Richer Than Jack Ma

By News Creatives Authors , in Business , at July 12, 2021

 

Elon Musk’s Business Partner in China is Already Richer Than Jack Ma

A partner of Elon Musk and founder of the world’s largest electric vehicle battery manufacturer has surpassed Alibaba owner Jack Ma in wealth.

They say that everything Elon Musk touches turns into gold, which seems to be true based on Chinese businessman Robin Zeng Yuqun. The founder of CATL, the world’s largest manufacturer of batteries for electric vehicles, is now richer than Jack Ma, owner of Alibaba, reports Bloomberg.

At 53, Zeng Yuqun has a net worth of $50 billion, according to the Forbes Billionaires Index, thanks to CATL shares surging this year. In contrast, Jack Ma’s fortune is estimated to be worth $45.4 billion, following his losing streak since 2020.

The Chinese tycoon, originally from a small village in Fujian province, founded Contemporary Amperex Technology (CATL) in 2011. In less than a decade, he managed to position it as the world’s largest producer of rechargeable cells for electric vehicles.

On June 26, it was announced that CATL had extended its collaboration agreement with Tesla until 2025 to provide batteries for its electric vehicles, something that other companies such as Panasonic and LG also do.

With this, Robin Zeng Yuqun enters a select group of the five richest people in Asia, which includes Zhong Shanshan (Nongfu Spring and Beijing Wantai Biological Pharmacy), Ma Huateng (Tencent and WeChat), Jack Ma and Zhang Yimin (TikTok).

 

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