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Battery maker CATL's profit soars behind EV boom
Automotive News China | 2019/4/30

Contemporary Amperex Technology¡¯s net profit surged 153 percent to nearly 1.05 billion yuan ($156 million) in the first quarter, bolstered by soaring demand for electric vehicles across China.

The country¡¯s largest battery supplier for EVs said revenue jumped 169 percent to approach 10 billion yuan. 

CATL attributed the explosive growth in profit and revenue to robust domestic EV demand and increasing utilization in battery production capacity.

In the first quarter, some 226,000 EVs were sold in China, a rise of 121 percent from a year earlier, according to the China Association of Automobile Manufacturers. 

CATL, headquartered in Ningde of east China¡¯s Fujian province and listed on the Shenzhen stock exchange, supplies batteries to a wide range of domestic and global automakers. 

In July, it signed deals with BMW Group to build EV batteries for the German luxury carmaker in Germany. 

CATL¡¯s annual battery production capacity reached 23.4 GWh at the end of 2018, accounting for 41 percent of the national total, according to the China Automotive Technology and Research Center Co.

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