SHANGHAI: The world’s leading maker of electric vehicle batteries, Chinese firm CATL, posted a 32.9% jump in first quarter profit, even as demand for electric vehicles slows.
The firm produces more than a third of all electric vehicle batteries sold worldwide, cooperating with major brands including Tesla, Mercedes-Benz, BMW and Volkswagen.
Net profit in the first quarter was up 32.9% year-on-year to 13.96 billion yuan , according to a statement CATL released on the Shenzhen Stock Exchange Monday. CATL has been aided by strong financial support from Beijing, which has sought in recent years to shore up domestic strength in certain strategic high-tech sectors.
CATL warned in January that its slide in sales last year was likely due to a “decline in the prices of raw materials such as lithium carbonate”, which had forced the firm to adjust prices.
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