CATL reported net income of RMB 13.14 billion in the third quarter, up 6.32 percent from the second quarter. It had a record gross margin of 31.17 percent in the third quarter.
Contemporary Amperex Technology Co Ltd (CATL, SHE: 300750) saw a strong net income performance in the last quarter, even though revenue was lower than a year ago.
The battery maker reported revenue of RMB 92.28 billion ($13 billion) in the third quarter, down 12.48 percent year-on-year but up 6.07 percent from the second quarter, according to financial results released today.
The company saw better cost control in the third quarter, with operating cost of RMB 63.52 billion, down 22.34 percent year-on-year and down 0.48 percent from the second quarter.
The decline in cost helped it achieve higher net income.
CATL reported net income of RMB 13.14 billion in the third quarter, the second highest on record and second only to the fourth quarter of 2022. This represents a 25.97 percent year-on-year increase and a 6.32 percent increase from the second quarter.
It achieved a record gross margin of 31.17 percent in the third quarter, the first time it exceeded 30 percent. This is an increase of 8.75 percentage points from the same period last year and up 4.53 percentage points from the second quarter.
CATL installed 64.39 GWh of power batteries in the third quarter in China, up 48.81 percent from 43.27 GWh in the same period last year and up 23.85 percent from 51.99 GWh in the second quarter, according to data compiled by CnEVPost.
In the first three quarters, CATL's revenue amounted to RMB 259.04 billion, down 12.09 percent year-on-year.
Its net income in the first three quarters was RMB 36 billion, up 15.59 percent year-on-year.
In China, CATL's power battery installations stood at 23.99 GWh in September, continuing to rank first with a 44.02 percent share, but down 0.44 percentage points from August's 44.46 percent share, according to China Automotive Battery Innovation Alliance (CABIA).
In the global market, CATL installed 189.2 GWh of EV batteries in January-August, up 27.2 percent from 148.8 GWh in the same period last year, according to South Korean market researcher SNE Research.
The power battery giant continued to rank first in the world with a 37.1 percent share and remains the only battery supplier in the world with a market share of more than 30 percent.
($1 = RMB 7.1043)
Global EV battery market share in Jan-Aug 2024: CATL 37.1%, BYD 16.4%
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