• Home
  • News
    • Air Mobility
    • Commercial vehicles
    • Battery
    • Sales
    • Charging
    • Industry
    • China
    • Autonomous
    • Concept
    • Conversion
    • Green Energy
    • Hydrogen
    • Industry
    • Formula E
    • Market Outlook
    • Modification
    • Motorcycles
    • Official
    • Ownership Experience
    • Price
  • Events
  • Advertising
  • Contact
EVMagz
SUBSCRIBE
No Result
View All Result
  • Home
  • News
    • Air Mobility
    • Commercial vehicles
    • Battery
    • Sales
    • Charging
    • Industry
    • China
    • Autonomous
    • Concept
    • Conversion
    • Green Energy
    • Hydrogen
    • Industry
    • Formula E
    • Market Outlook
    • Modification
    • Motorcycles
    • Official
    • Ownership Experience
    • Price
  • Events
  • Advertising
  • Contact
EVMagz
SUBSCRIBE
No Result
View All Result
EVMagz
No Result
View All Result

China’s electric vehicle battery giant CATL’s profit jumps 164 percent in Q2-2022

by Andy Williams
August 24, 2022
in Battery
0
China's electric vehicle battery giant CATL's profit jumps 164 percent in Q2-2022
136
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter

CATL, a Chinese electric vehicle battery manufacturer, reported a 164 percent jump in revenue during the second quarter of 2022.

The profit figure has doubled when compared to sales in 2021. The increase was driven by Chinese authorities launching incentives to increase sales of electric vehicles to cushion the impact of the pandemic.

Through this policy, a number of vehicle manufacturers such as Tesla, Volkswagen and BMW began doubling their orders for electric vehicle batteries at CATL to meet the demand for electric vehicles in China, which is one of the largest markets besides the US and Europe.

Until this battery factory revenue from April to June yesterday, posted an increase to 64.29 billion yuan with a net profit of about 6.68 billion yuan.

Before the Chinese government injected incentives for purchasing electric vehicles, the demand for EVs in China declined and even EV sales in this bamboo curtain country bucked the trend of car sales in the main market.

This condition is further exacerbated by the lockdown in several cities including Shanghai, due to the soaring positive cases of COVID-19. The reason is that the Chinese government took the initiative to provide an injection of incentives to spur sales of electric vehicles in its domestic market.

After the implementation of the policy, EV sales in China recorded an increase, according to data from the China Automobile Manufacturers Association, the demand for electric vehicles in the first quarter of 2022 reached 120 percent.

This increase is certainly good news for electric vehicle battery manufacturers such as CATL, even to add to the coffers of revenue CATL said that it had signed long-term contracts with battery material suppliers, this step was taken to reduce the pressure of rising costs on electric batteries.

Considering that in 2021, CATL’s profit margin on EV batteries had dropped 22 percent due to rising metal prices, especially lithium.

In addition to signing long-term contracts, CATL is reportedly accelerating its expansion in the European market by supplying electric batteries to automotive companies Mercedes-Benz and BMW. To make this plan a success, CATL even helped build a battery factory worth US$7.6 billion in Hungary.

Not only that, CATL is also reportedly exploring shipments to supply the battery needs for electric vehicles belonging to the Ford manufacturer in the United States. Through this expansion, CATL’s market share in the global EV battery market in the first half of 2022 increased dramatically to 34.8 percent.

CATL to supply BMW with EVs cylindrical battery cells from 2025

Google News icon Follow EVMagz on Google News
Donate
Tags: AutomotiveBatteriesCATLChinaelectric vehicleelectric vehiclesHungarylithiumPricerecordSalesShanghai
Previous Post

Focus on electric vehicles, Ford will cut 3,000 jobs

Next Post

Hino expelled from Toyota-led green commercial vehicle partnership

Andy Williams

Andy Williams

Andy has been covering the electric vehicle scene since 2010. Have passion in battery tech and autonomous technology.

Next Post
Hino expelled from Toyota-led green commercial vehicle partnership

Hino expelled from Toyota-led green commercial vehicle partnership

Discussion about this post

Support Our Work

Join us in advancing sustainable transportation! Support EVMagz by donating today. Your contribution helps us provide accurate and up-to-date info on electric vehicles and sustainable mobility.

Donate
  • Trending
  • Comments
  • Latest
Tesla Cybertruck Sound 1 120x86 - China's electric vehicle battery giant CATL's profit jumps 164 percent in Q2-2022

Tesla Cybertruck Rumored to Feature Impressive Audio System with Dual Subwoofers

June 4, 2023
volvo apple carplay ota update 120x86 - China's electric vehicle battery giant CATL's profit jumps 164 percent in Q2-2022

Volvo Boosts Apple CarPlay Experience in Over 650,000 Cars with Latest Over-the-Air Update

June 2, 2023
Rivian R1T - China's electric vehicle battery giant CATL's profit jumps 164 percent in Q2-2022

Rivian R1T Overcomes Off-Road Obstacle with Trail Fix

June 5, 2023
blue tesla model y driving 120x86 - China's electric vehicle battery giant CATL's profit jumps 164 percent in Q2-2022

Tesla’s Upcoming Software Update to Include ‘Tire Service Mileage’ Feature for Easier Maintenance Tracking

June 2, 2023
zeeker 001 120x86 - China's electric vehicle battery giant CATL's profit jumps 164 percent in Q2-2022

Zeekr Unveils Zeekr 001 WE Electric Vehicle with CTP 3.0 Qilin Batteries, Boasting a Remarkable 1,032 km Range

June 5, 2023
2023 Tesla Model S 120x86 - China's electric vehicle battery giant CATL's profit jumps 164 percent in Q2-2022

Tesla Set to Receive Billions in Federal Tax Credits Under Inflation Reduction Act

June 5, 2023
Shenlan S7 rolled off production line in China 120x86 - China's electric vehicle battery giant CATL's profit jumps 164 percent in Q2-2022

Shenlan’s New S7 Electric Vehicle Rolls off the Production Line, Showcasing Impressive Features

June 5, 2023
Ford Mustang Mach E fire 120x86 - China's electric vehicle battery giant CATL's profit jumps 164 percent in Q2-2022

Ford Mustang Mach-E Electric Crossover Survives Fire Incident with Minimal Damage

June 5, 2023
Mitsubishi Outlander Plug in Hybrid 120x86 - China's electric vehicle battery giant CATL's profit jumps 164 percent in Q2-2022

2023 Mitsubishi Outlander Plug-in Hybrid Receives Top Safety Pick Designation from IIHS

June 5, 2023
Smart 3 120x86 - China's electric vehicle battery giant CATL's profit jumps 164 percent in Q2-2022

Smart #1 Electric Vehicle Officially Launched in France, Expanding its European and Global Presence

June 5, 2023

Tags

Automotive autonom Autonomous Batteries Battery BYD Charging charging station China Commercial Vehicle Commercial Vehicles company Electric Bus electric car Electric Truck electric vehicle electric vehicles Energy Europe Fast Charging Fleet Germany Hybrid Hydrogen Hyundai infrastructure Invest lithium Lithium-ion Model Y performance platform Price Production Range Sales Software Specification Specifications Supply Chain Sustainable technology Tesla Truck Volkswagen

About EVMagz

EVMagz is a website focused on reporting on electric vehicles industry. The site was officially launched at the end of 2021 and in a short period of time, with the expertise of the team, it has quickly become the website of choice for many people to get news about the electric vehicles.

  • Home
  • About Us
  • Advertising
  • Support EVMagz
  • Newsletter
  • Privacy Policy
  • Cookie Policy
  • Contact

Browse by Tag

Automotive autonom Autonomous Batteries Battery BYD Charging charging station China Commercial Vehicle Commercial Vehicles company Electric Bus electric car Electric Truck electric vehicle electric vehicles Energy Europe Fast Charging Fleet Germany Hybrid Hydrogen Hyundai infrastructure Invest lithium Lithium-ion Model Y performance platform Price Production Range Sales Software Specification Specifications Supply Chain Sustainable technology Tesla Truck Volkswagen

Networks

  • EnergyMagz
  • Smashfreakz
  • Teknowire

© 2023 Develop by EVMagz.

No Result
View All Result
  • News
    • Software
    • Autonomous
    • Battery
    • Charging
    • China
    • Commercial vehicles
    • Concept
    • Green Energy
    • Industry
    • Market Outlook
    • Modification
    • Motorcycles
    • Official
    • Politics
    • Rumors
    • Safety
    • Sales
    • Technology
  • Brand
    • Audi
    • BMW
    • BYD
    • Chevrolet
    • Chrysler
    • Citroen
    • Dacia
    • Daihatsu
    • Ford
    • Geely
    • Honda
    • Huawei
    • Hyundai
    • Kawasaki
    • KIA
    • Lexus
    • Lotus
    • Lucid
    • Mazda
    • Mercedes-Benz
    • Mitsubishi
    • NIO
    • Nissan
    • Polestar
    • Porsche
    • Renault
    • Rivian
    • Rolls-Royce
    • Sony
    • Subaru
    • Suzuki
    • Tesla
    • Toyota
    • VinFast
    • Volkswagen
    • Volvo
    • Wuling
    • XPeng
  • Guides
  • Sports
    • Formula E
    • MotoE
    • Rally1
  • Photos
  • Videos

© 2023 Develop by EVMagz.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Hey Friend! Get the latest electric vehicles news straight into your inbox!

Don't worry, we don't spam

Close this popup