Picture: FLORENCE LO/REUTERS
Revenue for the period at the world’s biggest maker of cells for electric cars was 113-billion yuan, rising 156%, according to an exchange filing on Tuesday, and better than the 102.6-billion yuan the market was looking for. CATL’s Shenzhen-listed shares have gained about 50% since a low in May as the company ramps up global capacity, including a inking a partnership with Mercedes-Benz G to build a battery factory in Hungary. That announcement followed a flurry of others on new battery sites, including a 14-billion yuan investment in China’s Shandong province and a 13-billion yuan battery project in Fujian.
Enforced power cuts spurred by Sichuan province’s worst drought in more than half a century have also raised questions about one of CATL’s key production sites in the southwestern city of Yibin, where it has its largest factory. CATL hasn’t publicly commented on local media reports that the plant went into shutdown mode last week.
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