Profit of battery giant CATL surges in H1

Xinhua News Agency | Aug 24, 2019 at 1:43 PM

SHENZHEN, Aug. 24 (Xinhua) -- Contemporary Amperex Technology Co., Ltd. (CATL), China's largest automotive lithium-ion battery maker, posted a 130.8 percent net profit growth in the first half of 2019 amid a booming new energy vehicle (NEV) market.

Net profit in the January-June period rose to 2.1 billion yuan (296 million U.S. dollars), CATL said in its interim statement filed to the Shenzhen Stock Exchange Friday.

During the six months, its total revenue soared 116.5 percent year on year to 20.3 billion yuan. The revenue from its automotive lithium-ion battery systems business surged 135 percent to 16.9 billion yuan, according to the statement.

In the first half, CATL had a 46 percent share of the automotive lithium-ion battery market in China.

Despite sluggish sales for gasoline-powered vehicles, the NEV market has experienced a boom in China and thus resulted in a strong demand for lithium-ion batteries.

In the six months, automobile sales in China fell 12.4 percent year on year to 12.3 million units while NEV sales soared 49.6 percent to 617,000 units, according to the China Association of Automobile Manufacturers.