FUZHOU, April 8 (Xinhua) -- Contemporary Amperex Technology Co. Ltd (CATL), China's largest automotive lithium-ion battery producer, forecast Monday that its net profit will jump 260 percent year-on-year for the first quarter of 2019.
The company's performance forecast showed its net profit, excluding non-recurring items, could reach 968.7 million yuan (about 144.2 million U.S. dollars) between January and March, due to China's booming new energy vehicle (NEV) market and the company's market expansion.
It also attributed the growth to its increased manufacturing capacity and better cost management. CATL is listed on the Shenzhen Stock Exchange.
CATL is now capable of achieving a 240Wh/kg energy density level in mass production.
Headquartered in Ningde, southeast China's Fujian Province, CATL had an NEV battery market share of about 41.8 percent in China, followed by BYD, the country's leading electric vehicle maker, according to a research note by Caitong Securities.
Founded in 2011, CATL has inked supply contracts with a slew of global car manufacturers including BMW, Volkswagen, Daimler and Honda.