- CALB expects its net income to increase by about 80 percent to 100 percent in 2024 compared to 2023 due to growth in business scale and lower costs.
- CALB's power battery installations in China were 36.49 GWh in 2024, up 10.95 percent year-on-year.
China's smaller power battery maker CALB saw strong earnings growth last year as costs came down.
The company expects its net income to be about RMB 786 million ($108 million) to RMB 874 million in 2024, up about 80 percent to 100 percent from RMB 437 million in 2023, according to its earnings preview released today on the Hong Kong stock exchange.
The company attributed the growth to the expansion and continued growth of its business, with scale effects continuing to emerge.
On the other hand, thanks to its leading technology and product competitiveness, the group continued to reduce costs while improving product performance, CALB said.
The battery maker's power battery installed capacity in China in 2024 was 36.49 GWh, up 10.95 percent year-on-year, according to data compiled by CnEVPost.
Of that, a record 12.59 GWh was installed in the fourth quarter, up 24.78 percent year-on-year and up 25.15 percent from the third quarter of last year.
CALB, China's third-largest power battery maker, installed 2.42 GWh of power batteries in China in January, ranking third with a 6.23 percent share behind CATL (SHE: 300750) at 47.08 percent and BYD (HKG: 1211, OTCMKTS: BYDDY) at 22.90 percent.
Last month, CATL said in its earnings preview that it expected its net income in 2024 to be between RMB 49 billion and RMB 53 billion, an increase of 11.06 percent to 20.12 percent from 2023.
CATL expected its revenue to be RMB 356 billion to RMB 366 billion in 2024, down 11.20 percent to 8.71 percent from RMB 400.9 billion in 2023.
($1 = RMB 7.2513)
Global EV battery market share in 2024: CATL 37.9%, BYD 17.2%
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