The world’s biggest electric vehicle battery maker, CATL, has reported record first-half profits, cementing its position as the market leader even as doubts grow over its planned expansion into the US.
Billionaire founder Robin Zeng’s group now supplies most big carmakers, including Tesla, Volkswagen and Ford, making CATL a central pillar of China’s dominance of the supply chain for electric vehicles.
The first six months of the year underline how CATL continues to ride growing global demand for electric vehicles. Profits at the Shenzhen-listed company surged 154 per cent to Rmb20.7bn from the same period a year earlier, matching analysts’ expectations. Sales jumped 67.5 per cent to Rmb189.2bn, according to a filing on Tuesday.
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