Caixin
May 13, 2022 07:12 PM
BUSINESS

Chinese EV-Battery Makers Hammered by High Raw Material Prices

Workers produce lithium batteries at a workshop of a new energy enterprise in Huaibei city, East China's Anhui province, on Aug. 13, 2021. Photo: VCG
Workers produce lithium batteries at a workshop of a new energy enterprise in Huaibei city, East China's Anhui province, on Aug. 13, 2021. Photo: VCG

Chinese electric-car battery firms, including leader Contemporary Amperex Technology Co. Ltd. (CATL), were hammered by surging raw material costs in the first quarter, despite strong sales of electric vehicles (EVs).

In the first quarter, CATL (300750.SZ) posted 1.5 billion yuan ($221 million) in net profit, sliding 24% year-on-year ⁠— its first drop in profits in two years. That came even as revenue surged almost 154% to 48.6 billion yuan.

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