CATL Posts Sharp Rise in First-Quarter Net Profit
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Dow Jones
By Bingyan Wang
Contemporary Amperex Technology Co. posted a more than sixfold increase in first-quarter profit, driven by a surge in sales volume and slower increase in costs.
The Tesla Inc. supplier said Thursday that net profit jumped to 9.82 billion yuan ($1.43 billion), up sharply from CNY1.49 billion in the same period last year.
Revenue of the world's largest maker of electric-vehicle batteries almost doubled to CNY89.04 billion for the quarter.
Cost of revenue reached CNY79.32 billion, up 68% from year-earlier period, though still below the rate of growth for revenue, CATL said.
Write to Bingyan Wang at bingyan.wang@wsj.com
(END) Dow Jones Newswires
April 20, 2023 07:13 ET (11:13 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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