China’s sputtering auto market is doing little to suck the life from Contemporary Amperex Technology (CATL), the world’s largest electric-vehicle battery seller, if the company’s latest earnings figures are anything to go by.

CATL posted a net profit of 3.5 billion yuan ($489 million) during the first nine months of the year, a rise of 46%, according to a Saturday filing to the Shenzhen Stock Exchange. Revenue rose 72% over the same period to 32.9 billion yuan.

The rapid development of global new-energy vehicle industries, combined with market development and increased production and sales capacity, helped to drive CATL’s growth, the company said.

Although revenue in the third quarter rose 28.8% year-on-year, the company’s net profit dipped 7.2% to 1.36 billion yuan, something the company attributed to increased research and development costs and a fall in product prices.

CATL’s expansion plans also continue apace. Last month, the company said it would issue up to $1.4 billion worth of corporate bonds as it prepares to build a 165-acre manufacturing base in the southwestern province of Sichuan.

Last week, the U.S.-based business magazine Fortune placed CATL at No. 4 on its Future 50 list, which ranks the companies around the world with the highest long-term growth potential.

Related: Battery Giant CATL to Build $1.4 Billion Production Base in Sichuan