Foreign media reports: Contemporary Amperex Technology Co. Limited (CATL) posted a 14.5% year-on-year increase in net profit for the third quarter, reaching RMB 21.2 billion (approximately USD 3.17 billion), marking the slowest growth rate in nearly two years and significantly below analysts’ expectations of a 41.2% rise. Revenue grew by 58.6% year-on-year to RMB 165.2 billion, also falling short of the projected 60.2% increase.
The deceleration in performance is primarily attributed to intensified competition in China’s electric vehicle battery market and a cooling trend in domestic auto sales. Meanwhile, CATL’s market share in China’s power battery installation sector declined from 49.8% in January to 40.9% in September, while its rival BYD’s share rose from 17.4% to 21.1% during the same period.
Despite this, CATL’s global market share increased from 37.7% to 39.4%. On the same day, the company unveiled a new generation of heavy-duty truck batteries and an expansion plan for its battery-swapping network, aiming for energy storage operations to account for half of its global revenue by 2030.
Original source: toutiao.com/article/1879577191977993/
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