Chang'an strikes back at the "solid-state battery cold water theory"

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The solid-state battery boom has not cooled down, despite CATL Chairman Zeng Yuqun's “bucket of cold water.”

On June 29, Changan Automobile stated that the company’s solid-state battery project is progressing in an orderly fashion. It is expected that before the third quarter of this year, the Changan “Golden Bell” solid-state battery will be installed in robots for vehicle installation verification, and in 2027, the mass production of all-solid-state batteries will be gradually advanced.

In the past, when automakers talked about solid-state batteries, it was usually around range, safety, energy replenishment, and model installation. This time, Changan put robots and vehicle installation verification in the same sentence, effectively moving solid-state batteries from being merely car batteries into new validation scenarios.

It aims to serve not only the next generation of electric vehicles but also the next generation of mobile machines. In Changan’s narrative, solid-state batteries are not just a battery technology path, but are being put together with intelligent driving and robotics as part of the next technological combination.

Wallstreetcn has learned that in 2025, Changan will promote the first-phase capacity expansion of Times Changan and the second-phase capacity expansion project in Chuanyu Gaozhu New District, adding a layout for 50GWh of power battery capacity; the first CTP-6 battery pack equipped with self-developed "Golden Bell" battery technology has already rolled off the production line at Nanjing Changan, marking Changan’s completion of a self-controlled layout spanning “cell assembly – battery packaging – complete vehicle assembly.”

This gives a new precondition to the timeline released today by Changan Automobile: Changan is already working to address industry chain weaknesses.

However, the “cold water” argument still has value. Even by Changan’s own account, before the third quarter of this year, it will only be installed in robots and used for vehicle verification— not mass delivery. Even in 2027, it only aims for “gradual mass production,” not a comprehensive replacement of existing power batteries.

What Changan really needs to respond to is not the question of “solid-state batteries can make money in the short term.” What it needs to prove is that under the price war in new energy vehicles and market cap pressure, the company still has things that can give the market a vision for the future.

This is also why, on the same day, Changan also spoke about robots and flying cars.

On robotics, Changan Automobile said it will focus on core scenarios, lay out intelligent vehicle robotics technology and business strategies using a “1+N+X” approach, develop a multi-robot industry chain guided by smart humanoid robot technology. Changan expects to achieve mass production and rollout of humanoid robots in 2028, and gradually expand to household service robots after 2030.

In the field of flying cars, Changan will focus on applications including high-rise firefighting, road rescue, energy operation, and— together with partners— develop flying car products, with plans for mass production and delivery in 2028.

Looking at this in isolation, these are three concepts: solid-state batteries, robots, and flying cars. Viewed together, there is a common precondition: Changan wants to move the batteries and intelligence from cars to more mobile scenarios.

Robots need lighter, safer, and more durable power sources. Flying cars require higher energy density and safety redundancy. Intelligent EVs are still balancing range, fast charging, safety, and cost. If solid-state batteries can be proven, the places Changan can use them wouldn’t just be on vehicles.

In a research report released by Shanxi Securities on February 13, 2026, it is also mentioned that Changan plans to repurchase A-shares and B-shares to reduce registered capital, with a total buyback amount of 1 to 2 billion yuan; meanwhile, the company will accelerate the deployment and industrialization of emerging industries such as embodied intelligent humanoid robots and flying cars. In the medium to long run, deeper overseas market layout, combined with the implementation of robotics and flying cars, is expected to become a new growth engine.

This dovetails with Changan's most pressing reality.

An investor asked on an interactive platform: Since becoming an independent central SOE, Changan’s market cap dropped from 130 billion yuan at the time of listing to 77 billion yuan, a decline of about 41.2%. Can the company take more active and effective measures to increase its market value? Changan replied that the company has formulated the "Chongqing Changan Automobile Co., Ltd. Market Value Management System" and is systematically and proactively carrying out related work. As of May 29, 2026, the company has repurchased 106,864,756 shares, accounting for 1.07803% of the company’s current total capital stock.

Buybacks can stabilize expectations but it’s hard for them alone to trigger a revaluation.

The market won’t reprice Changan just because of a round of buybacks. It cares more whether Deep Blue, Avatr, and Qiyuan can maintain quality in the price war, whether overseas expansion can continue to increase, and if these long-term projects can meet their timelines in the validation process.

Changan is not simply “disbelieving the cold water theory.” It embraces the most realistic part of the cold water theory: solid-state batteries are unlikely to translate into profits in the short term, and robotics and flying cars won’t immediately enter the revenue curve just because a timeline exists.

But what Changan needs now is not a prettier long-term curve, but milestones the market can gradually verify.

Before the third quarter of this year, whether the Golden Bell solid-state battery can complete installation in robots and pass vehicle validation will answer how far this technology has truly come. In 2027, whether all-solid-state batteries can achieve gradual mass production will determine if this route remains only at the prototype and verification vehicle stage. Later, in 2028, whether humanoid robots and flying cars can be realized will test whether Changan’s claim of extending automotive capabilities into new scenarios can stand up.

The cold water theory reminds the market that solid-state batteries shouldn’t be taken as profits that will be realized immediately. What Changan needs to prove is that it hasn’t just treated solid-state batteries as a concept for the capital market.Risk warning and disclaimerThe market carries risks, investment requires caution. This article does not constitute personal investment advice and does not take into account the particular investment objectives, financial situation, or needs of any individual user. Users should consider whether any opinions, perspectives, or conclusions in this article are appropriate for their own circumstances. Investing accordingly is at your own risk. ```