Shanghai (Gasgoo)- Chinese EV battery provider Contemporary Amperex Technology Limited (CATL) expected its net profit for the first three quarters to reach between RMB3.092 billion and RMB3.568 billion, jumping 30% to 50% year on year.
CATL said the performance growth resulted from increasing demands of EV batteries amid the rapid development of NEV. Another reason was that the company strived to explore more market shares and to strengthen industrial cooperation so that it performed better in production and sales.
However, its Q3 net profit of between RMB1.17b ($166m) and RMB1.47b ($208m) slid 0-20% from the year-ago period. The company analyzed Q3’s negative growth was mainly attributed to the decrease in some products’price and the increase in R&D and management expenses from July to September.
(Photo source: CATL)
The Chinese battery giant announced on February 25 that it signed a five-year agreement to deepen the cooperation with BAIC BJEV and Beijing Pride Power System Technology Limited (Pride Power). According to the announcement, CATL and Pride Power would provide BAIC BJEV with power battery systems in the next five years. Besides, Pride Power should offer the products to the EV maker at a bargain price and CATL need to supply an agreed monthly volume of battery Meanwhile, the EV maker agreed to procure products from two partners at a certain percentage.
The company and its subsidiary Guangdong Brunp Recycling Technology Co., Ltd. (Brunp Recycling) planned to establish a joint venture with a total registered capital of RMB3.6b ($509m), CATL announced on September 2. The new company focuses on the investment and operation of cathode material and other resources..
Besides, CATL announced on September 26 it intended to invest no more than RMB10b ($1.41b) in a battery production base in Yibin, Sichuan province in Southwest China.
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