Contemporary Amperex Technology Co. Ltd. posted full-year net income that beat estimates as the world’s biggest battery maker for electric vehicles successfully fended off rivals while benefiting from a slump in input costs, reports Caixin. Net income for 2023 was RMB 44.12 billion ($6.13 billion), up 44% year-on-year, against estimates of RMB 43.7 billion. The Chinese juggernaut reported fourth-quarter earnings of RMB 13 billion and revenue of RMB 106.2 billion.
Revenue for the full 12-month period came in at RMB 400.9 billion, short of estimates of RMB 411.1 billion. The company also plans to distribute cash dividend of about RMB 22.1 billion, as to the filing.
CATL, as the company is better known, in January gave guidance that its annual net income would be between RMB 42.5 billion and RMB 45.5 billion. CATL shares fell 1.53% as market closed on Friday. The stock gained 10.9% year to date.