Contemporary Amperex Technology Co Ltd (CATL), a leading battery manufacturer, reported robust net income in the third quarter of 2024, even as revenue declined compared to the same period last year. The company posted a net income of RMB 13.14 billion ($13 billion), marking a 25.97% increase year-on-year and a 6.32% rise from the second quarter. This is CATL’s second-highest quarterly net income on record, second only to the fourth quarter of 2022.
Revenue for the quarter stood at RMB 92.28 billion, a decrease of 12.48% year-on-year but an increase of 6.07% from the previous quarter. The decline in revenue was offset by improved cost control, with operating costs reducing by 22.34% year-on-year to RMB 63.52 billion and decreasing by 0.48% from the second quarter.
The company achieved a record gross margin of 31.17% in the third quarter, exceeding 30% for the first time. This represents an increase of 8.75 percentage points from the same period last year and a rise of 4.53 percentage points from the second quarter.
In China, CATL installed 64.39 GWh of power batteries during the quarter, up 48.81% year-on-year and 23.85% from the second quarter. In September alone, the company’s battery installations reached 23.99 GWh, securing a market share of 44.02%, according to the China Automotive Battery Innovation Alliance (CABIA).
Globally, CATL installed 189.2 GWh of electric vehicle batteries from January to August 2024, a 27.2% increase from the same period last year. The company maintained its position as the world’s leading battery supplier with a market share of 37.1%, according to South Korean market researcher SNE Research.
For the first three quarters of 2024, CATL’s total revenue amounted to RMB 259.04 billion, down 12.09% year-on-year. However, net income for the same period increased by 15.59% to RMB 36 billion ($1 = RMB 7.1043).
Source: CNEVPOST
