EV battery maker CATL H1 profit surges on booming NEV market

SHENZHEN (Xinhua) – Contemporary Amperex Technology Co Ltd (CATL), China’s largest automotive lithium-ion battery maker, forecast a 120 per cent to 150 per cent annual profit growth in the first half of 2019 amid a booming new energy vehicle (NEV) market.

Net profit in the January-June period rose to between two billion yuan (USD290 million) and 2.28 billion yuan, CATL said in a filing to the Shenzhen Stock Exchange last Saturday.

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

Despite sluggish sales of gasoline-powered vehicles, China’s NEV market has experienced a boom.