China's battery giant reports robust profits in 2020

FUZHOU - Contemporary Amperex Technology Co Ltd (CATL), China's largest automotive lithium-ion battery maker, posted strong profit growth in 2020 despite the COVID-19 pandemic.

Net profit totaled 5.58 billion yuan ($861 million) last year, a year-on-year rise of 22.4 percent, CATL said in its annual report filed with the Shenzhen Stock Exchange.

The battery giant generated revenue of 50.32 billion yuan in 2020, up by 9.9 percent year-on-year.

CATL said its lithium-ion battery sales in 2020 gained 14.4 percent year-on-year to 46.84 GWh.

Boosted by the strong earnings growth, shares of CATL jumped 5.29 percent to close at 367.03 yuan Wednesday in Shenzhen.