Contemporary Amperex Technology Co Ltd (CATL) , the Chinese electric vehicle (EV) battery manufacturer, announced a net profit of RMB 14.74 billion ($2.04 billion) for the fourth quarter of 2024, marking a 13.62% increase compared to the same period the previous year . This quarterly performance contributed to a total annual net income of RMB 50.75 billion, reflecting a 15.01% year-on-year growth.
Despite the rise in net income, CATL’s annual revenue decreased by 9.7% to RMB 362.01 billion . The company attributed this decline to adjustments in product pricing in response to lower raw material costs, particularly lithium carbonate . In its January 21 earnings preview, CATL stated that “adjustments in product prices led to a year-on-year decline in revenue due to lower prices of raw materials such as lithium carbonate” .
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The fourth quarter saw a gross margin of 15.04%, up from 11.63% in the same period the previous year but down from 31.17% in the third quarter . This fluctuation was partly due to an accounting adjustment based on a December 2024 interpretation by China’s Ministry of Finance, which led to a revision of past operating costs .
CATL’s EV battery installations reached 88.31 GWh in the fourth quarter, a 52.79% increase year-on-year, totaling 246.01 GWh for the full year—a 47.21% rise from 2023 . The company’s domestic revenue accounted for 69.52% of total revenue in 2024, up from 67.33% in 2023, while international revenue decreased to 30.48% from 32.67% .
See also: CATL Leads Global EV Battery Market with 38.9% Share in January, BYD Follows at 16.9%
In the global market, CATL expanded its battery market share to 38%, surpassing competitors such as BYD and LG Energy Solution . The company is also diversifying its operations, including a €7.3 billion investment in a battery plant in Hungary .
