CATL and BYD Report Significant Profit Growth Amid Intense Competition

Both companies navigate market challenges while exploring potential partnerships in the EV industry.

Chinese EV battery maker CATL expects 2023 profit to jump as much as 48 per cent, maintaining its advantage over rivals with earnings reaching up to 45.5 billion yuan.
CATL unexpectedly reported a quarter-on-quarter profit drop of 4.3 per cent in the three months ending September 30 due to a currency exchange loss caused by a volatile Chinese yuan.
BYD, the world’s largest electric car maker, expects its earnings for 2023 to jump by as much as 86.5 per cent, buoyed by record deliveries, but its profitability remains far behind rival Tesla.
BYD's profit margin per vehicle dropped due to the discounts it offered to buyers to sustain growth momentum in sales.
BYD and Tesla are considered to be potential partners in the EV market, with both companies expressing mutual respect and a desire to increase the new energy vehicle market together.