Contemporary Amperex Technology (CATL), a Chinese electric vehicle battery major and a key supplier to Tesla, reported a net profit of 3.27 billion yuan ($511 million) in the third quarter (Q3) of the year, driven by new energy boom under the country's carbon neutrality goal.
The profit growth surged 130.2 percent year on year, beating estimates. Some analyst earlier estimated 2.61 billion yuan in net profit for the
company.
CATL's revenue in Q3 rose to 29.3 billion yuan, a year-on-year increase of 130.7 percent, as per its financial results.
In the first three quarters, the company's revenue rose 133 percent year on year to 73.36 billion yuan and net profit surged 131 percent to 7.75 billion yuan.
China is inspiring a green and low-carbon path for the industry as part of its efforts to reach peak emissions before 2030 and achieve carbon neutrality by 2060.
In September, the power battery installed volume reached 15.7GWh, up by 138.6 percent from a year earlier, as per data from China Industry Technology Innovation Strategic Alliance for Electric Vehicle.
The company's shares hit record highs in recent days. On Wednesday, it closed at 615.04 yuan per share, with a total market value of 1.43 trillion yuan.
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