Chinese EV battery giant CATL reports jump in profits

Beijing (AFP) Oct 18, 2024 - Chinese electric vehicle battery behemoth CATL reported a 26.0 percent jump in third-quarter profits on Friday but still fell short of analyst expectations.

Founded in 2011 in the eastern coastal Chinese city of Ningde, CATL produces more than a third of the EV batteries sold worldwide.

They are used in models from a long line of foreign manufacturers including Mercedes-Benz, BMW, Volkswagen, Toyota, Honda and Hyundai.

A drop in the cost of raw...