Shanghai Oct 11 (BUS): CATL (300750.SZ), a Chinese electric vehicle (EV) battery giant, expected its net profit in the July-September quarter to nearly triple compared to the same period last year, Backed by rapid expansion. in production.
The company is the world’s largest battery maker and accounts for more than a third of global electric vehicle battery sales, according to Reuters.
CATL, a supplier to US automaker Tesla Inc (TSLA.O), said it expects its third-quarter net profit to increase to between 8.8 billion yuan and 9.9 billion yuan, compared to 3.3 billion yuan last year, CATL said in Stock Exchange. Deposit late on Monday.
CATL has accelerated its expansion into overseas markets with contracts to supply batteries to major automakers including Mercedes and Benz Group (MBGn.DE) and BMW (BMWG.DE) in Europe and Ford Motor Co (FN) in the United States, where There are government incentives that drive demand for electric vehicles.
The Chinese company announced in August that it would build a $7.6 billion battery plant in Hungary, Europe’s largest to date.
To offset rising costs for battery materials, CATL has taken measures that include signing long-term contracts with suppliers, recycling materials, and negotiating a dynamic battery pricing scheme with automakers.
CATL shares rose as much as 4% on Tuesday after its strong forecast.
FAE