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Electric cars in China

China battery giant CATL's profit surges 93% on booming demand

Margin pressure on EV batteries raises concerns as lithium costs increase

CATL controls almost 40% of the global market for automotive batteries. (Photo courtesy of CATL)

BEIJING -- Net profit for Chinese manufacturer CATL jumped 93% last year to 30.7 billion yuan ($4.41 billion) as the world's largest supplier of electric vehicle batteries enjoyed a surge in deliveries that offset headwinds from higher raw material prices.

Revenue for 2022 grew 150% to 328.5 billion yuan, the company formally known as Contemporary Amperex Technology Co. Ltd. reported late Thursday. CATL's mainline automotive battery business drove group earnings.

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