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China’s CATL, the world’s largest electric vehicle (EV) battery maker, said on Friday its third-quarter profit nearly tripled, buoyed by rapid expansion in production to power the growth of EVs worldwide.
CATL, whose clients include Tesla, Volkswagen and BMW, booked a net profit of 9.4 billion yuan ($1.30 billion) from July to September, according to a company filing to the Shenzhen stock exchange.
Revenue increased 232.5% in the three-month period to 97.4 billion yuan from a year before, the company said.
The result is largely in line with an estimate provided by the company last week.
($1 = 7.2454 Chinese yuan renminbi)
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Tesla’s battery-electric registrations jumped nearly 50% from the January-September period last year, while Volkswagen’s dropped 40% to just over 32,300 in line with a broader drop across most of the Volkswagen Group brands in Europe’s biggest car market.
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