Chinese EV battery maker CATL expects Q3 profit to nearly triple
CATL, a Chinese electric vehicle (EV) battery giant, forecast its net profit in the July-September quarter to nearly triple from a year-ago period, buoyed by rapid expansion in production to power the growth of EVs worldwide.
The company is the world’s biggest battery maker and accounts for more than a third of global EV battery sales.
CATL, a supplier to US carmaker Tesla Inc, expects its third-quarter net profit to increase to between 8.8 billion yuan ($1.23 billion) and 9.9 billion yuan, up from 3.3 billion yuan last year, CATL said in a stock exchange filing late.
