Chinese battery giant CATL sees profit surge on energy storage demand

Chinese battery giant Contemporary Amperex Technology Co. Limited (CATL) saw net profit surge 42 percent compared to the same period last year, a company filing showed Friday.

Founded in 2011 in the eastern Chinese city of Ningde, CATL produces more than a third of all electric vehicle (EV) batteries sold worldwide.

CATL's net profit during the first half of the year was 43 billion yuan ($6.4 billion), the filing to the Shenzhen Stock Exchange showed, as demand for energy storage critical to the AI industry grows.


Revenue from its energy storage business jumped 88 percent compared to the same period a year earlier, reaching 53 billion yuan.

Those systems are made to have long lifespans and have wide temperature adaptability, geared toward AI data centres with high computing and power demands, CATL said.

Total revenue for the period was 277 billion yuan.