SHANGHAI : Chinese battery giant CATL posted sharply slower growth in fourth quarter net profit, after COVID-19 outbreaks and consumer caution hit electric vehicle (EV) demand in the world's largest auto market.The world's largest battery maker's profit during October to December increased 60.6 per cent f
SHANGHAI : Chinese battery giant CATL posted sharply slower growth in fourth quarter net profit, after COVID-19 outbreaks and consumer caution hit electric vehicle demand in the world's largest auto market.
EV sales growth in China largely slowed in the fourth quarter as the economy was heavily disrupted by efforts to curb the spread of COVID-19 and then the sudden ending of the virus prevention policy, which unleashed a massive wave of infections across the country. The trend has extended to the first quarter even though Tesla and its Chinese rivals have started slashing prices of their best-selling models to boost sales in what analysts have described as a price war.
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