Zach Mottl, Chairman of the Coalition for a Prosperous America, said JPMorgan and Bank of America profited from CATL’s IPO, urging Congress to prevent U.S. financial institutions from supporting entities linked to the Chinese Communist Party. The statement was made on X.
The involvement of U.S. financial institutions in CATL’s IPO has raised significant national security concerns. According to the Financial Times, CATL was placed on a Pentagon watchlist due to alleged ties to the Chinese military, prompting U.S. lawmakers to urge JPMorgan and Bank of America to withdraw from the deal. Despite these warnings, both banks proceeded with underwriting the IPO, highlighting the tension between financial interests and national security considerations.
CATL’s Hong Kong IPO raised approximately $4.6 billion, marking it as the largest global IPO of 2025. As reported by the Financial Express, the funds are earmarked for expanding CATL’s operations in Hungary and enhancing its global electric vehicle battery presence. This significant capital influx underscores CATL’s strategic push into international markets.
Politico reported in 2023 that Congressional leaders had launched an investigation into Ford’s battery deal with CATL, focusing on risks from doing business with companies under CCP control. The House investigation was motivated by concerns about American autonomy and efforts to prevent CCP expansion. The probe underscored congressional intent to keep CATL out of domestic battery production.
Zach Mottl serves as the Chairman of the Coalition for a Prosperous America (CPA) and is also the President of Atlas Tool Works, a manufacturing company based in Illinois. Mottl has been actively involved in advocating for policies that support domestic manufacturing and address trade imbalances. His leadership roles reflect a commitment to strengthening American industry and economic sovereignty, as per the CPA’s official website.
