Net profit in the nine months rose to 3.46 billion yuan (489 million U.S. dollars), CATL said in its quarterly financial statement filed to the Shenzhen Stock Exchange Friday.
During the period, the battery giant generated a revenue of 32.86 billion yuan, an annual increase of 71.7 percent.
In the third quarter, its net profit declined 7.2 percent to 1.36 billion yuan and revenue rose 28.8 percent to 12.59 billion yuan.
Despite sluggish sales for gasoline-powered vehicles, the NEV market has experienced a boom in China and thus resulted in a strong demand for lithium-ion batteries.
In the January-September period, the NEV sales in China rose 20.8 percent year on year to 872,000 units while the total automobile sales declined 10.3 percent to 18.37 million units, according to the China Association of Automobile Manufacturers.
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