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China battery maker CATL suffers profit fall as costs soar

CATL, whose clients include Tesla, Volkswagen and BMW, booked a net profit of 1.49 billion yuan ($226.69 million), a filing on the Shenzhen Stock Exchange showed.

April 29, 2022 / 03:06 PM IST
Source: Reuters

Source: Reuters

CATL, the world's largest electric vehicle (EV) battery manufacturer, reported a 23.6 percent drop in the first quarter profit on Friday, its first fall in two years, as it battles soaring raw material costs and a resurgence of COVID-19 in China.

CATL, whose clients include Tesla, Volkswagen and BMW, booked a net profit of 1.49 billion yuan ($226.69 million), a filing on the Shenzhen Stock Exchange showed.

That was down from 1.95 billion yuan profit a year earlier.

Revenue rose to 48.68 billion yuan from 19.17 billion yuan a year earlier.