China's leading EV battery maker CATL posts 48% revenue increase

BEIJING - Contemporary Amperex Technology Co Ltd (CATL), China's leading lithium-ion battery and energy storage system producer, on Thursday said that it posted 48.08 percent year-on-year revenue growth in 2018.

In its annual financial results filed to the Shenzhen Stock Exchange, CATL said its revenue reached around 29.61 billion yuan ($4.42 billion) last year.

The company's net profit attributable to shareholders decreased by 12.66 percent year-on-year to about 3.39 billion yuan.

In the past year, the company's sales of energy storage system increased by 1,051.89 percent to about 189.5 million yuan and sales of lithium-ion battery reached 3.86 billion yuan, up 56.27 percent year-on-year.

With a market share of 41 percent, the company's total capacity of new energy vehicle power battery reached 23.4 GWh in 2018.

In 2018, China produced and sold 1.27 million and 1.25 million units of new energy vehicle, up 59.92 percent and 61.74 percent, respectively, according to China Automobile Industry Association.