Catl sees profit fall

Chinese EV battery manufacturer Catl saw its first fall in quarterly profits in 18 months in the last quarter of 2023.

Catl made RMB12.98bn profit ($1.8bn), down 1.2pc year-on-year. Revenue totalled RMB400.92bn ($56.5 bn), up 22pc year-on-year.

Catl now has a 36.8pc market share of global EV battery manufacture, making it by some distance the biggest battery manufacturer in the world.

The firm's growth in Europe and North American markets has doubled since last year, according to South Korean consultancy SNE Research.

Catl’s batteries are used in Tesla Model 3 and Model Y products, as well as vehicles made by OEMs BMW, MG, Mercedes, and Volvo Cars. Recently, Catl’s batteries have been installed to the new Hyundai Kona and Kia Ray models, expanding the firm’s footprint among South Korean OEMs.

The company has been developing and validating its M3P batteries in partnership with Tesla, which is now being installed in Tesla models.

In its results Catl also confirmed its plan to extend the roll-out an LFP battery capable of delivering 400km of driving range with a 10-minute charge, which it calls the Shenxing battery.

The battery will be produced at plants in Germany and Hungary, as well as China.