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China battery maker CATL suffers profit fall as costs soar

China battery maker CATL suffers profit fall as costs soar

reuters.com · 04/29/2022 04:19
China battery maker CATL suffers profit fall as costs soar

Adds details

- CATL 300750.SZ, the world's largest electric vehicle (EV) battery manufacturer, reported a 23.6% drop in the first quarter profit on Friday, its first fall in two years, as it battles soaring raw material costs and a resurgence of COVID-19 in China.

CATL, whose clients include Tesla TSLA.O, Volkswagen VOWG_p.DE and BMW BMWG.DE, booked a net profit of 1.49 billion yuan ($226.69 million), a filing on the Shenzhen Stock Exchange showed.

That was down from 1.95 billion yuan profit a year earlier.

Revenue rose to 48.68 billion yuan from 19.17 billion yuan a year earlier.

($1 = 6.5852 Chinese yuan renminbi)



(Reporting by Zhang Yan, Brenda Goh, and Hong Kong newsroom; editing by Jason Neely)

((zoey.zhang@thomsonreuters.com))