Chinese EV battery-maker Contemporary Amperex Technology (CATL) announced a rise of about 130% in both revenue and profit amid skyrocketing demand for their products in the world’s largest auto market, reports Caixin. In the three months through September, the company’s net profit attributable to ordinary shareholders totaled RMB 3.3 billion ($515.8 million) on revenues of RMB 29.3 billion, according to its latest earnings report on Wednesday.
In the first half of 2021, revenue generated from overseas markets made up 23.1% of the total, compared with 3.5% in 2018, CATL said, adding that it is building manufacturing bases, research centers and sales offices overseas.
On Tuesday, the Tesla battery supplier announced a stock incentive plan, which it said will help boost its international expansion. The plan will see more than 4,000 employees, including some foreign staff, be granted 5.16 million shares, equivalent to about 0.2% of its total capital stock.