The Chinese giant CAT electric vehicle batteriesL reported a 26% year-on-year increase in its third quarter earningsaccording to a stock market report published on Friday, which represents an acceleration compared to the previous quarter and allows it to maintain its advantage over smaller rivals.
CATL posted a net profit of 13.14 billion yuan ($1.85 billion) between July and September, while its revenue fell 12.5% year-on-year to 92.3 billion yuan.
The profit increase follows a 13.4% rise in the second quarter, while revenue has fallen for four consecutive quarters.
In September, CATL had a 44% market share in electric vehicle batteries made in China, 0.4 percentage points less than the previous month.
The combined market share of BYD, second, and CALB, third, fell 1.4 percentage points to 30.9%, according to data from the China Automotive Battery Innovation Alliance.
CATL is also gaining ground in building capacity overseas, including its lucrative LRS model, Jefferies said in a research report last month, referring to the company that shares battery technology through licensing, royalties and services.
“CATL will be in a position to start recording LRS revenues as early as the end of 2024,” the investment bank said.
CATL on Tuesday launched an international research and development center in Hong Kong, its sixth global R&D facility, seven months after its chairman Robin Zeng unveiled such plans to shore up technology exports.
