Image: Visual China
BEIJING, January 27 (TMTPOST) — Chinese electric vehicle battery maker CATL (SHE: 300750) achieved a net profit of around 14~16.5 billion yuan in 2021, registering year-on-year growth of 150% to 195%, the company announced on Thursday in an announcement.
This is the highest net profit that the company has made since its public listing on Shenzhen Stock Exchange in 2018.
The Chinese electric vehicle battery maker’s net profit between Q1-Q3 in 2021 was 7.75 billion yuan. This means CATL made around 6.25 billion to 8.75 billion yuan in the fourth quarter, which is the highest quarterly net profit the company has achieved.
CATL had further penetrated the new energy vehicle and energy storage market and increased its battery sales by expanding its production capacity in 2021, the company said.
CATL also had stronger control over its budget, which helped the company achieve higher net income in 2021, according to the company.
The company sold 73.43 GWh of electric vehicle batteries and energy storage batteries during Q1-Q3 last year, which is 1.5 times greater than that in 2020. CATL has not disclosed data of its full sales in 2021.
CATL shipped out 79.8 GWh of electric vehicle batteries in the first eleven months of 2021, statistics from South Korean research institute show. The company accounted for 31.8% of the global market share, ranking first in the industry. The company has secured its position as the biggest electric vehicle supplier across the globe for four consecutive years.
The company currently has ten battery plants, nine of which are located in China. Its only overseas production base is in Germany. The company has announced plans to build six new battery plants to expand its production capacity, including battery plant projects in Yibin city in Sichuan Province, investing around 52.5 billion yuan.
CATL announced its plan to raise 58.2 billion yuan through private placement in August 2021. It is said the fund will be used for expanding CATL’s production capacity. The fundraising goal was lowered down to 45 billion yuan three months later.
By 2025, CATL’s annual battery production capacity needs to reach 520 GWh in order to maintain its 30% market share, the company said.
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