The most expensive part of any electric vehicle is the traction battery, and the largest manufacturer of them remains the Chinese company CATL. In the second quarter, it was able to increase net profit by 17.71% sequentially to $1.7 billion, and by 13.43% year-on-year, although the manufacturer’s revenue decreased by 13.18% to $12 billion year-on-year.
Image source: CATL
In fairness, it should be noted that CATL’s revenue still grew by 9.06%, so it is impossible to talk about strictly negative revenue dynamics. The manufacturer’s profit margin for the second quarter remained at 26.64%, roughly comparable to the first quarter, but in annual comparison it grew by 21.96%.
In the first half of the year, CATL reported a net profit of $3.15 billion, up 10.37% year-on-year. The company’s revenue in the first half of the year fell 11.88% to $23 billion. The production of traction batteries directly accounted for 67.5% of the company’s total revenue for the period in the first half of the year, down 19.2% year-on-year. The profit margin in this area of activity increased by 6.55 percentage points to 26.9% compared to the same period last year.
In the segment of batteries for stationary energy storage systems, CATL’s revenue amounted to 17% of the total, it grew by 3% year-on-year in the first half of the year. The profit margin in this segment was raised by 7.55 percentage points to 28.87%. The remaining revenue was generated by the production of materials for batteries and recycling of used batteries, it grew by 13.02% year-on-year in the first half of the year. As of May of this year, CATL controlled 37.5% of the global traction battery market.
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