CATL reports 22% revenue growth in 2023; consolidates position in EV battery market – ET Auto

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The company remains a dominant force globally, leading in EV battery consumption volume for seven consecutive years with a 36.8% market share in 2023.

New Delhi: CATL (Contemporary Amperex Technology Ltd), a key player in new energy technologies, has disclosed its performance for 2023, highlighting its presence in both domestic and international markets. With notable revenue growth, the company’s net profit has also increased, solidifying its position in the electric vehicle (EV) battery industry.

CATL’s revenue surged to 400.92 billion yuan (USD 56.52 billion approximately), up by 22.01% compared to the previous year. Simultaneously, the company’s net profit reached 44.12 billion yuan (USD 6.22 billion approximately), showing a significant increase of 43.58% Y-o-Y.

The company remains a dominant force globally, leading in EV battery consumption volume for seven consecutive years with a 36.8% market share in 2023. Additionally, CATL maintains its top position in global energy storage battery shipment market share, capturing 40% in 2023.

In the domestic market, CATL holds a substantial 44.5% market share in EV battery consumption, supporting collaborations with various automotive brands like Li Auto, Zeekr, NIO, AITO, and BMW.

Internationally, CATL’s market share in EV battery consumption outside China increased to 27.5%, reflecting a 4.7% rise Y-o-Y.

CATL continues to invest significantly in R&D, allocating 18.36 billion yuan (USD 2.59 billion approximately) in 2023. With over 20,000 R&D professionals, including doctoral and master’s degree holders, the company focuses on innovation, with a portfolio of 29,487 patents worldwide.

In 2023, CATL introduced several innovations, including a condensed battery with an energy density of up to 500 Wh/kg, facilitating the electrification of passenger aircraft. Additionally, the company launched the Shenxing battery, capable of superfast charging and offering impressive driving ranges.

Committed to sustainability, CATL aims to achieve carbon neutrality in its core operations by 2025 and across the battery supply chain by 2035. Several factories have already achieved carbon neutrality through innovative green energy practices, the report said.

With its solid financial performance, ongoing innovation, and commitment to sustainability, CATL maintains its position as a significant player in new energy technologies and the EV battery market.

  • Published On Mar 16, 2024 at 04:51 PM IST

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