Chinese battery maker CATL said net profit would rise in 2023 by 48%, compared to growth in 2022 of 93%. It said in a Shenzhen Stock Exchange filing that it expects 2023 net profit of ¥42.5–45.5 billion ($5.92–6.34 billion), up 38–48% from a year earlier.
The sharply weaker growth in 2023 compared to the previous year reflects slowing domestic demand and stiff competition.
Last year, CATL made up 43.11% of its home market, as measured by battery installations in China-made EVs, down from 48.2% in 2022, according to data from the China Automotive Battery Innovation Alliance (CABIA).
The company said in its earnings forecast that it introduced new solutions and services through increased investment in research, development and innovation.
