We start with an interview with Robin Zeng, the billionaire head of battery giant CATL, who expects China’s truck market to be 50 per cent electric by 2028. The bold prediction came as CATL shares surged 16 per cent on their debut in Hong Kong yesterday, in the biggest listing of the year.

The IPO had raised HK$35.7 billion ($4.6 billion) according to a company filing, reportedly making it the largest global listing in 2025.

Robin Zeng, the billionaire head of battery giant CATL, expects that half of all new trucks sold in China will be electric-powered by 2028, a forecast that heralds huge disruption for the global market in heavy goods vehicles.

China has become a global leader in electric cars and car tech, with one of the highest personal EV adoption rates in the world. But it's also ahead of everyone else when it comes to electric heavy-duty truck sales.

S et amid a backdrop of lush rolling hills and marshy lakes, Ningde is an unassuming company town on the south-eastern coast of China, lined with low-rise buildings and apartment blocks. One structure stands out: a gleaming rectangular tower with a gently curving glass facade, which bears an uncanny resemblance to a giant lithium-ion battery pack.

Chinese carmakers offered a record high 16.8 per cent average discount last month, from 16.3 per cent in March, JPMorgan findings show.

Asian equities had a poor start to the week, as Moody’s US debt rating cut weighed on risk sentiment, as Mainland China and Indonesia managed gains, while Taiwan and South Korea underperformed, as the US dollar fell versus most regional indices.

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