Tesla Supplier CATL's 1st Half Net Profit Fell 7.9%
August 26 2020 - 9:35PM
Dow Jones News
By Yifan Wang
Contemporary Amperex Technology Co.'s first-half net profit fell
7.9% from a year earlier as the coronavirus pandemic hit demand for
new-energy cars and battery sales.
The maker of electric-vehicle batteries posted a net profit of
1.94 billion yuan ($281.7 million) late on Wednesday.
Revenue dropped 7.1% to CNY18.83 billion, mainly due to sales
sliding 20% at CATL's power-battery business, its main source of
income.
CATL, a Tesla Inc. supplier, said power battery shipments have
picked up significantly in recent months as the pandemic eases and
macroeconomic conditions improve.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
August 26, 2020 21:20 ET (01:20 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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