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July 15, 2019

CATL H1 profit surges on booming NEV market

Contemporary Amperex Technology Co Ltd (CATL), China's largest automotive lithium-ion battery maker, has forecast a 120-150% annual profit growth in the first half of 2019 amid a booming new energy vehicle (NEV) market.

By Sam Duke

Contemporary Amperex Technology Co Ltd (CATL), China's largest automotive lithium-ion battery maker, has forecast a 120-150% annual profit growth in the first half of 2019 amid a booming new energy vehicle (NEV) market.

The Xinhua news agency reported that the company's net profit in the Jan-June period rose to between 2 billion yuan ($290 million) and 2.28 billion yuan, according to a filing to the Shenzhen Stock Exchange.

CATL said the strong profit growth came after it attracted more customers, strengthened cost control and the NEV market boom in China resulted in a bigger demand for its lithium-ion batteries.

Founded in 2011, CATL is an international manufacturer and service provider of lithium-ion batteries for e-mobility and energy storage. Headquartered in Ningde, China, CATL has more than 15,000 employees and branch offices in Shanghai, Kiangsu, Qinghai and Beijing and international offices in the United States, France and Germany.

Last year CATL opened a new facility in Detroit that it said will allow the company to improve the supply of lithium-ion batteries to the US auto market and to support the expansion of EV manufacturing. CATL has entered a series of partnership (supply) agreements with automotive OEMs including VW, Daimler and BMW.

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