Contemporary Amperex Technology's (CATL) woes will sap others’ batteries too, writes KatrinaHamlin
The world’s largest electric-vehicle battery maker Contemporary Amperex Technology, known as CATL, on April 29 reported a net profit of 1.49 billion yuan for the quarter ending in March, down 24% from a year earlier.
It also reported derivative liabilities of 1.8 billion yuan. It was the first time this item had appeared in its financial statements since its listing in 2018, according to Refinitiv data. The company did not offer any explanation in its filings. On May 5, the first day of trading since its results, CATL shares fell 8.1% to 376 yuan. They were largely flat in trading on May 6.FILE PHOTO: FILE PHOTO: People walk past the R&D centre of Contemporary Amperex Technology Ltd in Ningde, Fujian province, China, December 16, 2016.
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