China’s CATL, the world’s leading battery manufacturer, recorded their highest performance last year thanks to an increase in global demand for electric vehicles.
CATL predicted in its preliminary earnings report, recently released through the Shenzhen Exchange, that its net profit will rise 150-195% year-on-year to 14 to 16.5 billion yuan (about KRW 3.12 trillion). This would mark their best performance since CATL went public in 2018.
Considering that the cumulative net profit in the first three quarters of last year was 7.75 billion yuan, CATL earned 6.25 billion to 8.75 billion yuan in the fourth quarter of last year alone. It is the highest quarterly net profit.
In their preliminary estimate report, CATL revealed that the expansion of the electric vehicle and energy storage system (ESS) market last year led to the growth of battery sales. It also added that the company’s market development is substantiating tangible results, and production is increasing due to the operation of new production facilities.
According to a Chinese online media outlet Zhemenang, CATL earned 100 million yuan (about KRW 19 billion) every 2.5 days last year.
By Staff Reporter Tae-jun Park (gaius@etnews.com)