In the first three quarters, expects a net profit of RMB 16.5 billion to 18 billion, up 112.87 percent to 132.22 percent year-on-year.

Chinese power battery giant CATL expects a third-quarter net profit of RMB 8.8 billion to 9.8 billion ($1.37 billion), up 169.33 percent to 199.94 percent year-on-year, according to an earnings preview today.

After deducting non-recurring gains and losses, CATL's net profit attributable to shareholders of the listed company in the third quarter was RMB 8.3 billion to RMB 9.3 billion, up 209.11 percent - 246.36 percent year-on-year, according to its announcement.

In the first three quarters, CATL expects net profit to be RMB 16.5 billion to 18 billion, an increase of 112.87 percent to 132.22 percent year-on-year.

After deducting non-recurring profit and loss items, CATL expects net profit for the first three quarters to be RMB 15 billion to RMB 16.5 billion, an increase of 127.15 percent to 149.86 percent year-on-year.

CATL's rise in third-quarter results was mainly due to continued market growth in the power battery and energy storage industries as the global new energy industry develops rapidly, it said.

The company continued to launch industry-leading product solutions and strengthen its market development efforts, coupled with the release of production capacity laid out in the early stages, allowing for a significant increase in production and sales, CATL said.

These factors have achieved rapid growth in earnings scale while driving the company's continued leadership in the global market position, CATL said.

CATL is the world's largest manufacturer of power batteries, with ten production sites worldwide.

The company installed 12.99 GWh in China in August, continuing to rank No. 1 with a 46.79 percent share, according to the China Automotive Battery Innovation Alliance (CABIA).

CATL, BYD continue to dominate China's power battery market in Aug, despite small share declines-CnEVPost

In the global power battery market, CATL was No. 1 in August with a 39.3 percent share, according to Seoul-based SNE Research.