China’s CATL profit growth slows in third quarter as competition intensifies

[BEIJING] China’s CATL on Tuesday (Oct 20) reported slower profit growth in the third quarter, hit by fierce competition in the electric vehicle battery market as China’s auto sales growth cooled.

Net profit at the world’s largest EV battery maker rose 14.5 per cent from a year earlier to 21.2 billion yuan (US$3.17 billion), according to a stock exchange filing, missing analysts’ estimate of a 41.2 per cent increase based on LSEG SmartEstimate data.

The third-quarter net profit growth, which follows a 36.5 per cent rise in the second quarter, is the slowest in nearly two years.

Revenue climbed 58.6 per cent year-on-year to 165.2 billion yuan, undershooting forecasts for a 60.2 per cent increase, after growing 56.9 per cent in the previous quarter. REUTERS