CATL Beats Estimates on Full-Year Profit But Warns on Costs

(Bloomberg) — Contemporary Amperex Technology Co. Ltd., the world’s biggest maker of electric-vehicle batteries, reported better-than-expected full-year profit and announced plans to spend 13 billion yuan ($2 billion) on a new factory in China.

Net income for 2021 more than doubled to 15.93 billion yuan, the company said late Thursday, beating analyst estimates of 13.51 billion yuan. Still, the manufacturer scrapped its dividend and reported weaker profitability at its key power battery systems division as it warned of surging raw-materials costs.