Chinese battery giant Contemporary Amperex Technology Co Limited (CATL) slightly missed market estimates for second-quarter revenue and net profit, as China’s weakening demand for electric vehicles (EVs) outweighed benefits from the energy shock.
The world’s largest battery maker reported a record 147.79 billion yuan (US$21.8 billion) in revenue and a record 22.5 billion yuan in net profit for the second quarter, up 56.92 per cent and 36.5 per cent year on year, respectively, according to an exchange filing on Friday evening.
The results, despite being record figures, slightly missed market estimates of 148.6 billion yuan in revenue and 23.4 billion yuan profit.
CATL’s total revenue and net profit for the first half of 2026 now stand at 276.9 billion yuan and 43.28 billion yuan, respectively, up 54.8 per cent and 42 per cent compared with a year ago.
In a separate filing, CATL said it planned to use up to 40 billion yuan to buy back a total of 34.9 million mainland-listed shares.
The company has been doubling down on efforts to diversify its business in recent months, after the EV sector hit a few bumps in the road. While sales of electric cars have soared in Europe and other markets amid the Iran war, demand in China has slowed following a cut in government subsidies.
