Reported about 10 hours ago
China's CATL has experienced a 15% growth in net profit for 2024, marking the slowest expansion in six years, largely due to intense price competition in the electric vehicle market. The company's net profit reached 50.7 billion yuan ($7.01 billion), while revenue fell by 9.7%, the first annual decline since 2015. Despite increasing battery shipments, decreasing raw material prices led to a drop in operating income. CATL continues to dominate the global battery market with a 38% share and is expanding its operations with new plants in Hungary and Spain.
Source: YAHOO