Chinese EV battery maker CATL reported a 15% increase in net profit for 2024, reaching 50.7 billion yuan (US$7.01 billion).

However, this is the company’s slowest growth in six years, falling within its forecasted range of 11.1%-20.1%.

Annual revenue declined by 9.7% to 362 billion yuan (US$50.02 billion), marking CATL’s first revenue drop since it began disclosing figures in 2015.

The company attributed this to adjusted product prices reflecting lower raw material costs, including lithium carbonate, despite higher sales volumes.

The slowdown comes amid a prolonged price war in China’s EV market, creating challenges for major players like CATL.

Recent CATL developments