Chinese battery giant CATL forecasts strong profit growth

591

Fuzhou

Contemporary Amperex Technology Co., Ltd.(CATL), China’s largest automotive lithium-ion battery maker, predicted a 20 to 45 percent growth in its net profit attributable to listed shareholders in 2019.
The company forecast that its net profit, excluding non-recurring items, attributable to listed shareholders was between 3.6 billion to 4.22 billion yuan (about 522 million to 612 million U.S. dollars) last year, up 15 percent to 35 percent over the previous year.
The company ascribed the growth to the fast development of the new energy vehicle (NEV) industry in the country, increasing demand for its products and the company’s market expansion. It also attributed the growth to its increased manufacturing capacity and effective efforts to control costs.
Net profits of CATL totaled 3.39 billion yuan in 2018. CATL is listed on the Shenzhen Stock Exchange. China produced and sold 1.24 million and 1.21 million units of NEVs in 2019, down 2.3 percent and 4.0 percent respectively, according to the China Association of Automobile Manufacturers. —Xinhua

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