CATL, the world’s largest maker of electric-vehicle batteries, is expanding production, while Honda is cutting spending plans. Oddly, both stocks are up.

Shares of Contemporary Amperex Technology Co., or CATL, soared more than 16% in their Hong Kong trading debut Tuesday after the Chinese electric vehicle battery maker raised more than $4.5 billion in its secondary listing.

Shares of Contemporary Amperex Technology Co Ltd (CATL) (HK:3750), the worlds largest electric vehicle (EV) battery manufacturer and a major supplier to Tesla (NASDAQ:TSLA), surged over 9% in early Wednesday trading.