California
clear sky
5.4 ° C
6.1 °
4.4 °
53 %
3.1kmh
0 %
Mon
6 °
Tue
3 °
Wed
1 °
Thu
5 °
Fri
4 °
Tuesday, February 11, 2025

‘Hawk Tuah’ meme girl’s...

Haliey Welch, widely recognized as the viral ‘Hawk Tuah’ girl,...

AI-powered interview tool to...

IT solutions provider Riktam Group has launched Artificial Intelligence-powered ZinterviewAI, a product...
HomeChinaCATL to report...

CATL to report record profit in 2024 as revenues decline amid lithium price slump · TechNode


CATL on Tuesday said it expected its annual profit to exceed RMB 49 billion ($6.7 billion), giving the company a record result, as the world’s largest battery maker maintains its leadership position by expanding its product offerings and strengthening ties with clients.

Why it matters: Despite this, CATL warned it might end the year with a revenue decline for the first time since it started releasing its financial figures in 2015, due to the lithium price squeeze that has been shaking up the industry since hitting its peak in late 2022.

  • The Chinese battery giant is also developing new businesses and overseas markets to counter slowing growth and fierce competition. This has created the need for a bigger cash injection, and it is pursuing a share sale in Hong Kong with banks this year, Reuters reported.

Details: CATL estimated its revenue to come in at between RMB 356 and 366 billion in 2024, representing a decline of between 8.71% and 11.2% from a year earlier after it made price adjustments in line with decreasing raw material prices. Its sales volume grew a bit last year, according to a securities filing.

  • Nevertheless, net profit for 2024 is expected to be between RMB 49 billion and 53 billion, up by between 11% and 20% year-on-year. CATL said the profit growth was achieved by new product and technology launches, which also contributed to the company deepening its ties with clients.
  • CATL is set to report its full-year results on Mar. 15.

Context: Previously a major manufacturer of nickel cobalt manganese (NCM) batteries for electric vehicles, which feature a higher energy density but are more expensive, CATL was challenged by BYD in 2023, as a growing number of automakers pivot towards more affordable iron-based batteries.

  • BYD, China’s top EV maker and a major battery supplier, became the leading player in the segment of lithium iron phosphate (LFP) batteries in 2023, but CATL won back the top spot last year, according to figures published by the China Automobile Battery Innovation Alliance.
  • In August 2023, CATL introduced the world’s first 4C superfast charging LFP battery, called Shenxing, followed by the launch of an LFP one specially designed for heavy-duty trucks last September, and another one to meet the growing demand for hybrid EVs a month later.
  • The company aims to build 1,000 battery swap stations in China next year, while seeking to supply clients with a skateboard chassis that integrates the battery directly into the car’s frame. It also provides its battery energy storage systems (BESS) to overseas projects in countries including the United Arab Emirates and the US.


Jill Shen is Shanghai-based technology reporter. She covers Chinese mobility, autonomous vehicles, and electric cars. Connect with her via e-mail: jill.shen@technode.com or Twitter: @jill_shen_sh
More by Jill Shen

Continue reading

‘Hawk Tuah’ meme girl’s boyfriend calls her out over money lost in $HAWK crypto flop: ‘I wish I had my $300 back…’ | –...

Haliey Welch, widely recognized as the viral ‘Hawk Tuah’ girl, has finally addressed the public after weeks of silence following the collapse of her cryptocurrency venture, the $HAWK token. Welch first rose to internet fame in...

AI-powered interview tool to make hiring process smooth unveiled

IT solutions provider Riktam Group has launched Artificial Intelligence-powered ZinterviewAI, a product to address common recruitment challenges and make the hiring process smooth. It leverages advanced AI to streamline talent acquisition, saving time and resources for the hiring organisations....