Net income to surge to as much as $1.4bn, says the China-based company
China-based Contemporary Amperex Technology Company says it expects its net income to surge to as much as 9.8-billion yuan in the third quarter as the biggest maker of electric vehicle batteries benefits from strong sales to the automotive industry.
CATL, which is investing heavily in expanding its production capacity, predicted the profit jump of as much as 200% in a stock filing on Monday. The Ningde, Fujian-based company also said net income could top 18-billion yuan in the nine months through to end-September, up 132% against the same period last year.
CATL has made spending commitments in the region of $20bn to build new, bigger factories at home and abroad including in Hungary with Mercedes-Benz, and also plans to tap resource-rich Indonesia for expansion. In August, the manufacturer unveiled half-year results that marked a recovery from a disastrous start to the year. Profit for the six months through to end-June climbed 82% to 8.17-billion yuan, as CATL coped better with the volatility in raw-material costs.
South Korean battery maker LG Energy Solution reported third-quarter earnings last week that comfortably beat profit and sales expectations, bolstered by demand for EVs and a weak Korean won offsetting high commodity prices.Bloomberg News. More stories like this are available on
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