CATL’s Growing EV Battery Profits Don’t Mean Higher Costs for Tesla, BYD

Tesla


battery supplier


Contemporary Amperex Technology Co. Ltd.


turned in higher earnings than expected on Friday, strengthening its status as the world’s largest maker of electric-vehicle batteries.

The Chinese company, known as CATL, said net profit rose 92% to 30.72 billion yuan ($4.4 billion) in 2022, beating expectations for 28.8 billion yuan among analysts surveyed by FactSet. Revenue soared 152% to 328.59 billion yuan, also beating the consensus of 325.9 billion yuan.