Tesla Supplier CATL Smashes Profit Estimate as EV Sales Soar

CATL reported net income Thursday for the 12 months ended Dec. 31 of 30.72 billion yuan ($4.4 billion), an increase of 92.9% from the previous year

(Bloomberg) — China’s Contemporary Amperex Technology Co. Ltd. (CATL) reported annual earnings that beat estimates, buoyed by strong demand for cleaner cars. The results underscored the company’s dominance as the world’s biggest maker of batteries for electric vehicles.

The Tesla Inc. supplier reported net income Thursday for the 12 months ended Dec. 31 of 30.72 billion yuan ($4.4 billion), an increase of 92.9% from the previous year. That beat analysts’ estimates averaging 28.8 billion yuan, according to data compiled by Bloomberg, and was in line with CATL’s January preliminary guidance of profit between 29.1 billion yuan and 31.5 billion yuan.