CATL reports 2020 net profit of $861 million, 50% market share in China
China's largest automotive lithium-ion battery maker CATL's earnings report released on April 27 showed the company's 2020 net profit stood at RMB 5.583 billion ($861 million), up 22.43% year-on-year. Its installed capacity of power batteries was 31.9 GWh, accounting for 50% of the Chinese market.
The company's operating revenue in 2020 was RMB 50.319 billion, up 9.9% year-on-year.
Power battery system sales revenue was RMB 39.4 billion, up 2.18% year-over-year, accounting for nearly 80% of the company's total revenue.
CATL's energy storage systems business generated revenue of RMB 1.94 billion in 2020, up 218.56% year-on-year.
The company said it will make securities investments in companies in the industry chain, with total investments not exceeding RMB 19 billion.
CATL replaced BYD as the power battery leader with 12.0 GWh of power battery sales in 2017, and the number of companies engaged in supporting cell production has decreased year by year since 2018.
However, China's power lithium battery shipments have been rising year by year since 2016, and China's power battery shipments were 80GWh in 2020, up 13% year on year, with market size of about RMB 65 billion, according to GGII.
The top ten global power battery companies account for 92.5% in 2020, of which the top three are CATL, LG Chem and Panasonic, according to SNE Research.