China’s battery giant CATL reports robust profits in 2023

Contemporary Amperex Technology Co., Ltd. (CATL), China’s largest automotive lithiumion battery maker, posted strong net profit growth of 44 percent in 2023.

Net profit attributable to its shareholders surged to 44.1 billion yuan (about 6.21 billion U.S. dollars) in the period, CATL said in its annual report filed to the Shenzhen Stock Exchange Friday.

In 2023, the battery giant generated revenue of 400.9 billion yuan, up 22 percent year on year. It has also invested 18.4 billion yuan in research and development, an increase of 18 percent year on year.

According to SNE Research, CATL’s electric vehicle (EV) battery consumption volume has ranked first worldwide for seven consecutive years, holding 36.8 percent of global EV battery market share in 2023. It has also taken the lead in the market share of global energy storage battery shipment for three straight years, with a global market share of 40 percent in 2023.

Headquartered in Ningde, east China’s Fujian Province, CATL has inked supply contracts with a slew of global car manufacturers including BMW, Volkswagen, Daimler and Honda