SHANGHAI/HONG KONG (Reuters) – CATL, the world’s largest electric vehicle (EV) battery manufacturer, reported a 23.6% drop in the first quarter profit on Friday, its first fall in two years, as it battles soaring raw material costs and a resurgence of COVID-19 in China.
CATL, whose clients include Tesla, Volkswagen and BMW, booked a net profit of 1.49 billion yuan ($226.69 million), a filing on the Shenzhen Stock Exchange showed.
That was down from 1.95 billion yuan profit a year earlier.
Revenue rose to 48.68 billion yuan from 19.17 billion yuan a year earlier.
($1 = 6.5852 Chinese yuan renminbi)
(Reporting by Zhang Yan, Brenda Goh, and Hong Kong newsroom; editing by Jason Neely)
