CATL, China’s largest battery supplier for electric vehicles, estimates 2022 net profit will range from 29.1 billion yuan ($4.3 billion) to 31.5 billion.
That represents an increase of 83 percent to 98 percent from 2021, the Shenzhen-listed company said this month.
CATL, in a statement, attributed the profit surge to strong global demand for batteries and effective cost-control measures.
The company didn’t divulge additional financial information about its operations in 2022.
CATL, based in Ningde of east China’s Fujian province, operates 13 plants in China.
In December, it launched output of lithium ion battery cells at a new factory in the German state of Thuringia. It is the first plant CATL has opened outside of China.
In the first 11 months of 2022, CATL shipped 165.7 gigawatt-hours of battery cells globally, spiking 102 percent from a year earlier, according to SNE Research, a Korean consultancy.
