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TMTPOST -- Contemporary Amperex Technology Co. Ltd., the world’s largest electric vehicle battery maker, saw its shares climb after reporting a 41% jump in third-quarter profit, driven by booming demand in the battery and energy storage sectors.
CATL’s Shenzhen-listed shares gained 3.1% to 377.71 yuan (USD53.05) as of 1:05 p.m. Tuesday, while its Hong Kong-listed stock advanced 4.4% to HKD551 (USD70.94).
The Ningde-based company posted a net profit of 18.6 billion yuan (USD2.6 billion) in the three months ended Sept. 30, according to a filing late Monday. Revenue rose 13% year-on-year to 104.2 billion yuan (USD14.6 billion).
Growth momentum was particularly strong in the energy storage and new energy commercial vehicle segments, which the company said are now outpacing the passenger vehicle battery market. “We expect these two segments to continue showing relatively high growth next year,” CATL executives said during an earnings conference call.
For the first nine months of the year, CATL’s net profit rose 36% to 49 billion yuan, while revenue climbed 9.3% to nearly 283.1 billion yuan.
China’s fast-growing energy storage market has entered a new phase of market-oriented development, according to CATL. Profitability across projects is becoming more visible, helping to drive rapid expansion this year. Demand for grid-level and data center energy storage — both domestically and overseas — has also accelerated, adding momentum to CATL’s business.
Energy storage systems have become a crucial growth driver for CATL, complementing its dominant position in EV batteries. As governments and corporations worldwide push for energy security and renewable integration, CATL’s products are increasingly being used to stabilize power grids and optimize renewable generation.
Industry analysts say the company’s diversified portfolio across batteries for vehicles, stationary storage, and industrial applications has helped it weather the cyclical slowdown in EV demand this year. Despite a more competitive pricing environment in the EV battery market, CATL’s scale and technology advantages continue to support strong profitability.
CATL executives said that China’s new energy commercial vehicle market has reached a key inflection point, with infrastructure now mature enough to support large-scale deployment of electric heavy trucks. “The penetration rate of new energy heavy trucks has grown significantly this year and could exceed 60% by 2030,” one executive said.
The sector’s rapid electrification has been supported by advances in battery technology, including improvements in energy density and charging efficiency. CATL’s deep involvement in heavy-duty truck batteries and fleet energy management systems positions it to capture a large share of this emerging market.
While CATL remains the world’s largest EV battery supplier, it faces increasing competition both at home and abroad. Domestic rivals such as BYD and CALB are expanding rapidly, while global automakers are accelerating in-house battery production and partnerships to secure long-term supply.
To maintain its lead, CATL has expanded aggressively into overseas markets, building battery plants in Europe and considering projects in North America. The company is also pushing deeper into energy storage and grid solutions to diversify its revenue streams and enhance resilience against EV market volatility.
CATL’s strong quarterly results underscore its ability to balance growth across multiple segments of the clean energy value chain. Analysts say the company’s focus on technology innovation — including next-generation sodium-ion batteries and large-scale storage solutions — could help sustain its long-term leadership.
“The rapid growth of the energy storage and new energy commercial vehicle sectors highlights how CATL is evolving from an EV battery supplier to a broader energy technology company,” said an analyst with a Shenzhen-based brokerage.
As global demand for electrification and decarbonization accelerates, CATL’s integrated approach — spanning battery manufacturing, recycling, and energy management — positions it at the center of the energy transition.
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