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Reuters
China battery giant CATL reports slower Q4 profit growth
Chinese battery giant CATL posted sharply slower growth in fourth quarter net profit, after COVID-19 outbreaks and consumer caution hit electric vehicle (EV) demand in the world’s largest auto market. The world’s largest battery maker’s profit during October to December increased 60.6% from the same period in 2021, according to Reuters calculations based on a company filing. EV sales growth in China largely slowed in the fourth quarter as the economy was heavily disrupted by efforts to curb the spread of COVID-19 and then the sudden ending of the virus prevention policy, which unleashed a massive wave of infections across the country.
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