Quarterly profit of Contemporary Amperex Technology (CATL), which supplies electric vehicle batteries to companies like Tesla, Volkswagen and Hyundai, rose 63 percent.
Quarterly profits of China-based battery manufacturer Contemporary Amperex Technology (CATL) increased as sales of electric vehicles in the world increased and the prices of raw materials such as lithium decreased.
CATL’s second-quarter net profit increased 63 percent to $1.5 billion in three months. CATL’s revenue increased 56 percent to $14 billion. These numbers are thought to have contributed to the increase in sales of Tesla, which accounts for 12 percent of CATL’s revenue.
Supplying companies such as Ford, Volkswagen and Hyundai, CATL has strengthened its position in the international electric vehicle battery sector by increasing the number of its products.
The price of lithium carbonate, a metal used in electric vehicles, in China has halved from last year, driving CATL’s costs down.