Battery Giant CATL Plunges After Quarterly Earnings Slump
- CATL posted biggest decline in first-quarter underlying profit
- Shares fall most on record early Thursday before paring loss
CATL electric vehicle batteries.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Contemporary Amperex Technology Co. Ltd. shares tumbled Thursday after the electric-vehicle battery maker posted its sharpest-ever drop in quarterly earnings and disclosed a sizable derivatives liability.
Shenzhen-traded CATL fell as much as 14%, the biggest intraday decline since the company listed in June 2018, as Chinese markets reopened after a five-day holiday. Ningde, Fujian-based CATL had delayed the release of its first-quarter results by a couple of days. The stock closed down 8.2%, its biggest one-day fall in more than nine months and at its lowest since May 21 last year.