CATL’s annual net profit in 2022 anticipated to soar 82.66%-97.22% YoY

Shanghai (Gasgoo)- CATL said on Thursday its annual net profit attributable to shareholders was anticipated to surge 82.66%-97.72% year on year to 29.1 billion yuan-31.5 billion yuan ($4.326 billion -$4.682 billion) in 2022.

Excluding the impact of certain non-recurring gains and losses, CATL's full-year net profit in 2022 was likely to stand between 26.8 billion yuan ($3.984 billion) and 29 billion yuan ($4.311 billion), which should soar 99.37%-115.74% over the previous year.

Photo credit: CATL

CATL attributed its annual profit growth to such factors as its higher investments in R&D and innovation businesses, constant efforts to roll out industry-leading products, solutions, and services, stronger endeavors to exploit markets and deepen cooperation with clients, as well as the unleashing of high-quality production capacity, which not only significantly boosted both the production and sales volumes, but also contributed to the rapid growth in profitability.

In addition, the company continued to implement cost reduction and efficiency measures, and step up cost control, partly resulting in the improvement of overall profitability.

China's annual power battery installed capacity in 2022 surged 90.7% year over year to 294.6GWh, according to the China Automotive Power Battery Industry Innovation Alliance (CAPBIIA). Among power battery manufacturers in China, CATL was streets ahead of others by recording an annual installed capacity of 142.02GWh, which represented 48.2% of the country's total volume.