CATL reports 8.28% YoY growth in Q3 2023 revenue

Shanghai (Gasgoo)- On October 19, CATL released its third-quarter (Q3) financial results for 2023

In Q3 2023, CATL achieved a total operating revenue of 105.43 billion yuan, marking an 8.28% year-on-year growth. In the same period, its net profit attributable to shareholders reached 10.428 billion yuan, reflecting a 10.66% growth year-on-year, while excluding the impact of certain non-recurring gains and losses, the Q3 net profit was 9.428 billion yuan, rising by 4.91% year-on-year.

Photo credit: CATL

For the first three quarters of the year, the company's total operating revenue amounted to 294.677 billion yuan, showing a remarkable jump of 40.10% year-on-year. The net profit attributable to shareholders for this period stood at 31.145 billion yuan, a significant year-on-year surge of 77.05%, with a basic earnings per share of 7.0958 yuan.

CATL attributed the growth in revenue to the expansion of its business scale.

According to data from SNE Research, CATL maintained its position as the global leader in terms of the amount of power batteries used in electric vehicles from January to August 2023. Its overseas market share has been steadily growing, with its share in Europe reaching 34.9%, marking a year-on-year increase of 8.1 percentage points.

With the introduction of products like the Qilin Battery, M3P, and Shenxing Supercharging Battery, CATL has made strategic deployments to meet diverse market demands and application scenarios, creating a competitive new generation product portfolio. The Qilin Battery has already been delivered to ZEEKR and adopted by Li Auto, while the Shenxing, the world's first the world's first 4C superfast charging LFP battery, enabling a 400-kilometer range in just 10 minutes of charging, is set to be integrated by AVATR, Chery, and others.

On the cost side, for the first three quarters of this year, CATL’s operating costs reached 230.096 billion yuan, an increase of 34.97% year-on-year. Meanwhile, its sales expenses soared by 45.55% to 10.222 billion yuan, management expenses leapt by 54.71% to 6.918 billion yuan, and R&D expenses reached 14.876 billion yuan, marking a 40.65% year-on-year spike. CATL stated that the company has been intensifying its investment in R&D, with an increase in the number of R&D projects and the expansion of the R&D team, which led to higher expenses compared to the previous period.