Chinese electric vehicle (EV) battery giant CATL reportedly forecast net profit growth of up to 48.1% in 2023 on Tuesday, sharply weaker than the previous year as it grappled with slowing demand and stiff competition.

Reuters said the company had been faced with challenges from smaller rivals and slowing demand in China which is the largest market for electric vehicles.

CATL expected 2023 net profit of between CNY42.5bn and CNY45.5bn(US$5.92bn-$6.34bn), up 38.3%-48.1% from a year earlier, Reuters said, citing a Shenzhen Stock Exchange filing. That compared with a 92.89% net profit rise in 2022.

Last year, CATL accounted for 43.11% of its home market, as measured by battery installations in China-made EVs, down from 48.2% in 2022, Reuters said, citing data from the China Automotive Battery Innovation Alliance (CABIA).

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