CATL's First-Half Profit Jumps to Record High
By Bingyan Wang
Battery maker Contemporary Amperex Technology more than doubled its net profit in the first half of the year, boosted by strong revenue growth as it keeps expanding its business both at home and abroad.
CATL, the world's biggest electric-vehicle battery maker, said Thursday night that its net profit surged 154% on year in the first six months of 2023 to hit a record high of 20.7 billion yuan ($2.90 billion).
The growth was driven by a 68% rise in revenue, which jumped to CNY189.25 billion from CNY112.97 billion a year ago.
"The global new-energy vehicle market continues to grow, leading to a rapid increase in the scale of the power-battery industry," CATL said in a statement.
Write to Bingyan Wang at bingyan.wang@wsj.com
(END) Dow Jones Newswires
July 25, 2023 20:43 ET (00:43 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
AI Is Booming, but Consumer Spending Is Slowing. Which Will Prevail in the Stock Market?
-
What’s Happening In the Markets This Week
-
Is the Era of Volatility-Suppressing Policies Possibly Over?
-
5 Undervalued Stocks That Crushed Earnings for Q1 2024
-
What Does Nvidia’s Stock Split Mean for Investors?
-
After Earnings, Is Home Depot Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Baidu Stock a Buy, a Sell, or Fairly Valued?
-
Why Stocks Are Hitting Record Highs—and What Could Send Them Back to Earth
-
2 Wide-Moat Stocks to Consider
-
Live Nation: Breakup Sought by Department of Justice Probably Wouldn’t Affect Fair Value Much
-
After Earnings, Is Applied Materials Stock a Buy, Sell, or Fairly Valued?
-
The Best Energy Stocks to Buy
-
Snowflake Earnings: Mixed News, But Signs of Stability
-
Nvidia Earnings: AI Demand Smashes Expectations Again
-
After Earnings, Is Walmart Stock a Buy, a Sell, or Fairly Valued?
-
Target Earnings: Margins Hold Up, but Top Line Constrained by Weak Discretionary Spending