BEIJING (Reuters) – Chinese electric vehicle (EV) battery giant CATL on Tuesday forecast net profit growth of up to 48.1% in 2023, despite a year marked by slowing demand and stiff competition.
CATL expects 2023 net profit of between 42.5 billion yuan and 45.5 billion yuan ($5.92-6.34 billion), up 38.3-48.1% from a year earlier, according to its filing with the Shenzhen Stock Exchange.
That compares with a 92.89% net profit gain in 2022.
($1 = 7.1787 Chinese yuan renminbi)
(Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh)
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