CATL forecasts higher net profit for 2022

Contemporary Amperex Technology Co Ltd, China's largest electric vehicle battery maker, said in a forecast announcement that it booked a net profit between 29.1 billion yuan ($4.32 billion) and 31.5 billion yuan last year, which will be a significant 82.66 percent to 97.72 percent increase year-on-year.

Based on the forecast, the company's net profit in the fourth quarter is expected to reach between 11.5 billion yuan and 13.9 billion yuan. It will be first time that its single-quarter profit has exceeded 10 billion yuan.

"The growth was attributed to the rapid development of new energy vehicles both at home and abroad as well as the continuous growth of power battery and energy storage industry market," CATL said.

chengyu@chinadaily.com.cn