The world’s largest EV battery maker predicts its Q1 profits to rise by up to 170%

Demand for EV batteries around the world, and especially in China, is driving CATL’s growth.

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The world’s largest EV battery maker predicts its Q1 profits to rise by up to 170%

The world’s largest electric vehicle (EV) battery maker, Contemporary Amperex Technology Co., Limited—called CATL for short—expects its profits in the first three months of this year to fall between RMB 992 million and RMB 1.12 billion (USD 148 million to 167 million).

The unaudited profit disclosed in the company’s filing with the Shenzhen Stock Exchange on Monday represents an increase by 140% to 170% compared to the same period in 2018.

The company attributed this increase in profits to its increased capacity to meet the higher demand for EV batteries in China.

In December 2018, CATL opened its first sales and service facility in North America, located in Detroit, Michigan. It also has a subsidiary in Japan. The company has agreements to supply major automakers—including BMW, Volkswagen, Daimler, and Jaguar Land Rover—with EV power cells.

CATL is is headquartered in Ningde city, which is located in East China’s Fujian province.

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