Great Lakes Wire

Zach Mottl, president of Atlas Tool Works, has called for JPMorgan and Bank of America to cancel their plans to support the initial public offering (IPO) of Contemporary Amperex Technology Co. Limited (CATL), a Chinese electric vehicle (EV) battery manufacturer. Mottl cited national security and human rights concerns related to China in his statement made on X.

"President Trump's America First Investment Policy is clear: no U.S. dollar should support companies tied to the Chinese military, slave labor, or genocide," said Zachary J Mottl, Chairman. "JPMorgan and Bank of America must not proceed with the CATL IPO. Investing in companies linked to adversarial regimes betrays American values and security. We must hold Wall Street accountable for putting profits over patriotism."

According to Joni Ernst, President Trump's America First Investment Policy emphasizes that U.S. capital should not support EV supply chains linked to the Chinese military, forced labor, or human rights abuses. This policy has led to increased scrutiny of Chinese companies involved in the EV sector, particularly those with ties to the Xinjiang region, where concerns about forced labor practices persist. The policy aims to ensure that American investments align with national security interests and ethical standards.

As reported by Reuters, JPMorgan Chase & Co. and Bank of America are facing criticism for their involvement in CATL's IPO. Despite CATL's designation by the U.S. Department of Defense as a "Chinese military company," the banks are proceeding with the IPO, which aims to raise at least $4 billion. Lawmakers argue that facilitating this IPO could inadvertently support China's dominance in the EV battery market and compromise U.S. economic and national security interests.

The U.S. Department of Defense has expressed concern over reliance on foreign sources, particularly China, for critical minerals used in EV batteries as a national security issue. To address this concern, the Department has initiated strategies to bolster domestic production and reduce dependency on adversarial nations. Efforts include investments in domestic mining and processing capabilities to secure the supply chain for essential materials like lithium, cobalt, and nickel.

Mottl plays a prominent role in advancing domestic manufacturing through leadership, outreach, and operational strategy. A vocal advocate for reshoring and economic security, he has testified before Congress on strengthening U.S. industrial capacity. Mottl serves on several national and state-level boards, including the Coalition for a Prosperous America, promoting resilient supply chains and cybersecurity in manufacturing.