Over the course of the first three quarters this year, battery maker CATL saw revenue of 295 billion yuan (US$40 billion), 40.1 percent up on the previous year. Net income reached 31 billion yuan, surpassing the 2022 total.
Power batteries continued to be the primary revenue driver, contributing 73 percent of revenue for the first half of the year. Gross margin for the third quarter reached 22.4 percent, growth for the third consecutive quarter.
In the domestic market, CATL retained its dominant position despite a slight decline in market share in September. In markets outside of China, the company saw the installation of 54.7 GWh of power batteries from January to August, second only to LG.
CATL is set to expand its international footprint as Hyundai and Kia adopt CATL's batteries.
In August, the company introduced a superfast charging battery that allows a vehicle to travel 400 kilometers after a ten-minute charge.
