Daily Tech Roundup: CATL Fends of Rivals as EV Demand Slows

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CATL fends of rivals as EV demand growth slows

Contemporary Amperex Technology Co. Ltd.’s (CATL) full-year net income beat estimates as the world’s biggest battery-maker for electric vehicles (EV) successfully fended off rivals while benefiting from a slump in input costs. Net income for 2023 rose 44% to 44.12 billion yuan ($6.1 billion) on revenue of 400.9 billion yuan, which fell short of estimates, according to a filing. For the fourth quarter alone, CATL reported 13 billion yuan in earnings on revenue of 106.2 billion yuan. The Chinese battery-making giant attributed its earnings growth to the continued — albeit slower — expansion of sales of electric cars in China.