BEIJING, Oct 20 (Reuters) – China’s CATL on Tuesday reported slower profit growth in the third quarter, hit by fierce competition in the electric vehicle battery market as China’s auto sales growth cooled.
Net profit at the world’s largest EV battery maker rose 14.5% from a year earlier to 21.2 billion yuan ($3.17 billion), according to a stock exchange filing, missing analysts’ estimate of a 41.2% increase based on LSEG SmartEstimate data.
The third-quarter net profit growth, which follows a 36.5% rise in the second quarter, is the slowest in nearly two years.
Revenue climbed 58.6% year-on-year to 165.2 billion yuan, undershooting forecasts for a 60.2% increase, after growing 56.9% in the previous quarter.
($1 = 6.6779 Chinese yuan renminbi)
(Reporting by Qiaoyi Li, Yukun Zhang, Zhang Yan and Ju-min Park;)
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