Hyperdrive
CATL 2024 Profit Climbs 15% on Strong EV-Battery Demand
Vehicle batteries at the Contemporary Amperex Technology Co. (CATL) headquarters in Ningde.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Contemporary Amperex Technology Co. Ltd. posted record annual earnings for 2024, the strong financials further evidence of its commanding market position at a time some rivals are faltering.
The world’s biggest maker of electric vehicle batteries posted a 15% rise in net income to 50.7 billion yuan ($7 billion) for the 12 months ended Dec. 31, according to a statement Friday. Analysts had expected a profit of 51.5 billion yuan. Sales fell 9.7% to 362 billion yuan, worse than analysts estimates for 372 billion yuan.