China’s CATL profit surges 42% as battery sales and expansion boost global lead

Contemporary Amperex Technology Ltd (CATL) reported a 42 per cent jump in net profit last year to 72.2 billion yuan (US$10.4 billion) on strong battery sales and an expansion into new energy storage scenarios. The Chinese battery giant’s sales volume of lithium-ion batteries – a key component for electric vehicles (EVs) – reached 661 gigawatt hours (GWh), up 39 per cent from the previous year, according to a filing released on the Shenzhen Stock Exchange on Monday night. China’s EV industry...

By Themis Qi