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Tesla Battery Supplier CATL Says Third-Quarter Profit Beat Estimates
- Third-quarter income more than doubled to 3.27 billion yuan
- Company to benefit from shift to cheaper batteries, BI says
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Contemporary Amperex Technology Co. Ltd., the world’s biggest maker of electric-vehicle batteries and a key supplier to Tesla Inc., reported profit that beat analysts’ estimates as rocketing sales overcame a spike in raw material costs.
Net income in the three months through September more than doubled from a year earlier to 3.27 billion yuan ($512 million), the Fujian, China-based company said late Wednesday. That beat analyst estimates of 2.61 billion yuan. Revenue grew to 29.3 billion yuan.