Electric Vehicles
CATL Profit Surges as Battery Giant Moves On From Tough Quarter
- Earnings for six months through June up 82% year-on-year
- While revenue rose, rising costs put margins under pressure
The Contemporary Amperex Technology Ltd. (CATL) headquarters and manufacturing complex in Ningde, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Chinese battery-making giant Contemporary Amperex Technology Co. Ltd. reported a jump in first-half net income, clawing back a disastrous start to the year that saw the company record its sharpest-ever drop in quarterly earnings.
Profit for the six months through June 30 climbed 82% year-on-year to 8.17 billion yuan ($1.2 billion), versus an analyst estimate of 6.39 billion yuan, even as CATL weathered ongoing volatility in raw material prices that risks cutting further into margins.