CATL Saw Its Net Profit Increase by 82% in H1, 2022
CHINA(chinatrucks): Contemporary Amperex Technology Co Ltd (CATL), the world's largest maker of batteries for electric vehicles, nearly doubled its net profits in the first half of the year, despite rising raw material costs and supply chain disruptions caused by the COVID-19 pandemic.
In the first six months, the company saw its net profit surge 82 percent year-on-year to 8.2 billion yuan and revenue rally 156.32 percent to 113 billion yuan. The company referred in its financial statements that the growth was mainly due to strong demand for batteries both inside and outside of China .
Data released by the China Association of Automobile Manufacturers shows that cumulative domestic sales of new energy vehicles reached 2.6 million units, up 115% year-on-year in the first half of 2022, which drove rapid growth in demand for power batteries. Global power battery usage from January to June 2022 reached 203.4 GWh, up 76.8% year-on-year.
However, rising metal prices, especially lithium, squeezed CATL's EV battery margins to 15.04%, from 22% at the end of 2021. CATL said it has taken measures to ease the pressure of rising costs by signing long-term contracts with suppliers, recycling materials and negotiating a dynamic battery pricing scheme with automakers.
CATL, based in Ningde, Fujian province in eastern China, has so far produced electric vehicle batteries in China only. However, The Company is accelerating its expansions in overseas markets, especially Europe. Earlier this month, CATL announced it would invest 7.34 billion euros to build a 100 GWh battery plant in Debrecen of east Hungary, which is also its second battery plant in Europe following its German plant. The battery plant still under construction in Thuringia, Germany, with a capacity of 14 gigawatt hours per year, will go into production by the end of this year.
CATL's market share in the global EV battery market reached 34.8 percent in the first half, expanding its lead by a further 6.2 percentage points over a year ago, according to data from SNE Research.
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