The US Defense Department has added Chinese tech companies Tencent, a social media and gaming giant, and CATL, the world’s largest battery maker, to a list of firms that it alleges work with China’s military.

Tencent Holdings and Contemporary Amperex Technology Co. Ltd. (CATL) have faced significant stock declines following their recent designation as “Chinese military companies” by the U.S. Department of Defense (DoD).

The Pentagon recently added Tesla’s battery suppliers, Contemporary Amperex Technology, and Tencent to its list of companies with ties to the Chinese military. While the designation has minimal direct business impact,

The US Department of Defense has identified 134 companies operating in the United States that it claims are aiding China’s military ambitions. The updated full list, released on Tuesday, includes 57 parent firms and 77 subsidiaries spanning industries like aerospace,

CATL is licensing its battery technology to Ford for its planned $3.5 billion battery plant. News of CATL being added to the list slashed its market value by roughly $4.4 billion. CATL, the world’s largest manufacturer and supplier of EV batteries,

Tensions between the United States and China have escalated after Washington added two major Chinese companies to its list of entities connected to the Chinese military. The U.S. Department of Defense (DOD) named tech giant Tencent,

On Jan. 6, the US Department of Defense added several Chinese tech companies, including Tencent, CATL, SenseTime, and CloudWalk, to its Chinese Military