(Yicai Global) Nov. 24 -- CATL, whose stock hit a record high yesterday, is offering an equity incentive scheme at a 53 percent discount off the current market price to eligible employees should the Chinese electric car battery giant achieve its goal of quadrupling revenue by 2024.

CATL will grant 1.85 million restricted shares to 4,208 employees at a price of CNY306.04 (USD48) each and 1.9 million stock options to 279 employees for an exercise price of CNY612.08 based on performance evaluation indexes, the firm said on Nov. 22. The same day the company’s stock [SHE:300750] hit a new high of CNY681 (USD106). Today the stock closed down 1.6 percent at CNY658.80.

The shares and options will be released to middle-level managers as well as core employees should the company achieve revenue of at least CNY210 billion (USD32.9 billion) by 2024, four times that of last year, and a minimum total revenue of CNY620 billion (USD97 billion) between this year and 2024, it said. In the nine months ended Sept. 30, CATL’s revenue more than doubled to CNY73.4 billion (USD11.5 billion).

Ningde, southeastern Fujian province-based CATL has issued stock incentive plans every year since 2018 and around 40 percent of its 33,100 employees have benefited. The value of its stock has jumped over 18-fold since the first scheme, which was issued at a price of CNY35.15 (USD5.50), bringing great paper riches to its employees.

CATL has been the world’s biggest electric car battery maker for four straight years. Its installed capacity reached 49.1 gigawatt-hours in the first eight months, accounting for nearly 30 percent of market share, according to SNE Research.

Editors: Dou Shicong, Kim Taylor