CATL announced its first-quarter financial results, reflecting a 10.41 percent year-on-year decline in revenue to RMB 79.77 billion ($11 billion), marking the lowest figure since Q2 2022. The drop is attributed to the typical seasonal weakness witnessed at the beginning of the year.
Despite the revenue decline, CATL’s net profit attributable to shareholders of its parent company rose by 6.92 percent year-on-year to RMB 10.5 billion ($1.45 billion) in Q1. However, this represents a 19.11 percent decrease from the previous quarter.
Basic earnings per share (EPS) for Q1 stood at RMB 2.389, showing a 6.7 percent increase year-on-year on an adjusted basis. Notably, the company revised its Q1 2023 basic EPS from RMB 4.0215 to RMB 2.2342, following the completion of capitalization of its capital reserve in April 2023, leading to a recalculation of the metric.
In terms of battery installations, CATL saw growth, with installations totaling 35.5 GWh in January-February, a 44.9 percent increase from the same period last year. The company maintained its position as the world’s largest battery supplier, holding a 38.4 percent market share, the only supplier with a share exceeding 30 percent.
In China, CATL secured a 44.87 percent market share in March, with an installed base of 15.54 GWh of power batteries, although this was down 10.29 percentage points from February’s figure, according to the China Automotive Battery Innovation Alliance (CABIA).
