Top Battery-Maker CATL’s Quarterly Profit Jumps 63% on Vehicle Sales Boom

00:00

00:00/00:00

Listen to this article 1x

Vehicle batteries sit on display in June 2020 at CATL’s headquarters in Ningde, East China’s Fujian province. Photo: Bloomberg

(Bloomberg) — Chinese battery-maker Contemporary Amperex Technology Co. Ltd.’s quarterly profit soared, powered by rising electric-vehicle (EV) sales globally and stabilizing prices of key materials like lithium.

Net income rose 63% to 10.9 billion yuan ($1.5 billion) in the three months through June, based on a Bloomberg calculation of the company’s first-half results released Tuesday. Revenue increased 56% to 100 billion yuan. Both figures beat analyst estimates.