Shares of Contemporary Amperex Technology Co. Limited (CATL), the world’s largest battery manufacturer, fell 3.8% on Jan. 22.

This followed the company’s warning of an expected 8.7% to 11.2% decline in annual revenue for 2024, along with the slowest profit growth since 2019.

The drop is attributed to adjustment in product prices following lower raw material costs, particularly lithium carbonate, despite an increase in sales volume.

CATL also projected a slower profit growth for 2024, forecasting a net profit increase between 11.1% and 20.1%.

The company has been diversifying, with recent initiatives including the launch of an EV chassis and international expansion.

In 2024, CATL held a 45.1% market share in the Chinese EV battery market and is reportedly considering a public listing in Hong Kong, possibly in 2025.

Recent CATL developments