CATL's net profit increased by 48% year-on-year in the first quarter, with its energy storage business standing out.

Korean Media: CATL's First-Quarter Net Profit Soars 48%!

On May 19, South Korean media outlet The Global Economy published an article stating that Chinese battery company CATL achieved sales revenue of 129.1 billion RMB and net profit of 20.7 billion RMB in the first quarter of this year.

Compared to the same period last year, sales increased by 52.5%, while net profit rose by 48.5%. The net profit growth rate significantly exceeded market expectations (around 20%).

CATL is expanding its energy storage system (ESS) production capacity to address rising global energy costs and the expansion of renewable energy. As electricity prices rise, demand for energy storage systems is growing rapidly.

Energy storage system shipments have also seen significant growth. According to market research firm SNE Research, CATL shipped 16.7 GWh of lithium-ion batteries for energy storage globally last year, capturing a 30% market share—an 80% increase compared to the previous year.

The electric vehicle battery business has also performed strongly. With key clients such as Tesla and Toyota, CATL continues to maintain its position as the world’s leading supplier. Data from SNE Research shows that CATL’s market share reached 42.1% in January and February this year, up from 38.7% during the same period last year.

Original source: toutiao.com/article/1865618403424264/

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