EV battery firm CATL's Sept China market share slumps, bodes ill for Q3 results

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BEIJING : Electric battery giant CATL saw its China market share tumble to the lowest in more than a year in September, data showed, underscoring the challenges it faces from smaller rivals and weakener demand in the world's largest electric vehicle market.

CATL reports quarterly results on Thursday, and investors will be on the look out for the extent the world's largest EV battery maker bore the brunt of the EV sales slowdown in China and rising pressure from automakers to cut battery prices.

Second-ranked BYD and third-placed CALB both boosted their shipments in China by more than 71 per cent in the first nine months of this year, far outpacing CATL's 18.8 per cent growth, according to the data. China's EV battery installation volume grew 32 per cent in the first nine months, cooling from a 38 per cent gain in the first half and roughly one-third of growth for the same period in 2022, CABIA data showed.

That will be up 55 per cent from a year ago but marks a slowdown from a 63 per cent growth in the second quarter and a 188 per cent surge in the same period a year ago.

 

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