CATL third-quarter profit growth slows as EV battery competition heats up
China's CATL reported third-quarter net profit of 21.2 billion yuan, up 14.5 per cent year-on-year, missing analysts' forecasts of 41.2 per cent growth. Revenue rose 58.6 per cent to 165.2 billion yuan, also below expectations, as competition in the EV battery market intensifies.
China's CATL, the world's largest electric-vehicle battery maker, on Tuesday reported slower profit growth in the third quarter, hit by fierce competition in the EV battery market as China's auto sales growth cooled.
Net profit rose 14.5 per cent from a year earlier to 21.2 billion yuan (US$3.17 billion), according to a stock exchange filing, missing analysts' estimate of a 41.2 per cent increase based on LSEG SmartEstimate data. The third-quarter net profit growth, which follows a 36.5 per cent rise in the second quarter, is the slowest in nearly two years.
Revenue climbed 58.6 per cent year-on-year to 165.2 billion yuan, undershooting forecasts for a 60.2 per cent increase, after growing 56.9 per cent in the previous quarter.