China's CATL posts slower profit growth in first quarter

Chinese electric vehicle battery giant Contemporary Amperex Technology (3750) net profit growth slowed in the first quarter, as domestic EV demand softens, intensifying supplier competition.

First-quarter net profit rose 48.5 percent in the first quarter from a year earlier to 20.7 billion yuan, versus a 57.1 percent increase in the fourth quarter, according to a stock filing on Wednesday. That beat the estimated growth of 20.9 percent in a poll of analysts compiled by LSEG.

Revenue rose 52.5 percent to 129.1 billion yuan, against a 36.6 percent increase in the fourth quarter and above analysts' forecast of a 35.7 percent gain.

Reuters