Chinese battery manufacturer CALB expects its net income to rise sharply in 2024, citing business expansion and cost reductions, according to its earnings preview released on the Hong Kong stock exchange. The company anticipates a net profit of between RMB 786 million ($108 million) and RMB 874 million, marking an increase of approximately 80% to 100% from RMB 437 million in 2023.
CALB attributed the earnings growth to its improving economies of scale and continued enhancements in product performance. “Thanks to our leading technology and product competitiveness, we have successfully reduced costs while maintaining performance improvements,” the company said in the statement.
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As China’s third-largest power battery manufacturer, CALB installed 2.42 GWh of power batteries in January, securing a 6.23% market share behind industry leaders CATL and BYD, which held 47.08% and 22.90% of the market, respectively.
In comparison, CATL projected a net income of RMB 49 billion to RMB 53 billion for 2024, an increase of up to 20.12% from the previous year. However, its revenue is expected to decline by up to 11.20% to a range of RMB 356 billion to RMB 366 billion, reflecting challenges in the global battery market.
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