What’s new: Chinese battery maker Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ -2.59%) topped 1 trillion yuan ($157 billion) in market cap Monday as the electric vehicle boom drives up battery demand.

CATL closed at 434.1 yuan a share Monday, giving it a market value of nearly 1.01 trillion yuan. It was the first company on the tech-focused ChiNext board in Shenzhen to reach that mark and the eighth in the entire Chinese mainland stock market. CATL closed 2% lower Tuesday at 425.34 yuan.

CATL is China’s largest electric vehicle battery maker, accounting for more than 50% of the market. It also topped the global market for four consecutive years.