Tue. Oct 3rd, 2023
CATL упал больше всего за всю историю после снижения доходов

Biggest drop in first quarter earnings

Contemporary Amperex Technology Co. Ltd.’s stock dropped on Thursday after the business revealed its largest quarterly loss and hefty derivative liabilities.

CATL stock dropped 14% in Shenzhen, the largest intraday decrease since the business went public in June 2018.

The company discloses liabilities of $1.79 billion.

In the first quarter, CATL’s net income plummeted 24% to 1.49 billion yuan ($225 million), while core income fell 41% to 997 million yuan.

The world’s largest electric vehicle battery manufacturer said it was suffering from rising production costs and reported a 1.79 billion yuan derivative risk.

CATL, which sells batteries to cars including Tesla Inc. and Nio Inc., has lost 36% of its value this year. The corporation has a global market share of roughly 35 percent, with LG Energy Solutions coming in second with around 16 percent.

According to Fitch Ratings Inc., the company’s market share in China was 49.8% in the first quarter, down 4.2 percentage points from the end of last year as automakers attempted to diversify battery sources.

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