CATL Profit Rises as EV Battery Price War Hurts Revenue

(Bloomberg) — Contemporary Amperex Technology Co. (CATL), the world’s biggest maker of electric vehicle (EV) batteries, reported a rise in second-quarter net income, bucking the weaker-than-expected performance of top rival LG Energy Solution Ltd.

For the three months up to the end of June, profits rose 13.4% to 12.35 billion yuan ($1.7 billion), according to Bloomberg News calculations, beating analyst estimates. Net income for the first half increased 10.4% to 22.9 billion yuan, according to a Shenzhen stock exchange filing Friday.