CATL, the world’s largest electric vehicle (EV) battery manufacturer, more than doubled its profit in the second quarter as Chinese authorities rolled out incentives to boost EV sales to cushion the impact of lockdowns during the period, reports Reuters. CATL, whose clients include Tesla, Volkswagen and BMW, booked a net profit of RMB 6.68 billion ($974.61 million) from April to June, according to Reuters calculations based on the company’s filings, up 164% from a year ago.
Revenue also surged to RMB 64.29 billion in the three-month period, from RMB 24.91 billion a year ago, Reuters calculations showed.
The company said that a COVID outbreak during the period, which included lockdowns in several cities including Shanghai, had some impact on its domestic market. Demand, however, remained strong as local authorities rolled out incentives to promote EV sales and companies launched new models.