Sales of power battery systems are the company’s main source of revenue, contributing RMB 91.49 billion last year, up 132.06 percent year-on-year.
(Image credit: CATL)
China’s largest power battery supplier Contemporary Amperex Technology Co Ltd (CATL, SHE: 300750) posted net profit of RMB 15.93 billion ($2.47 billion) in 2021, up 185.34 percent year-on-year.
CATL posted revenue of 130.4 billion yuan last year, up 159.06 percent year-on-year, according to the company’s annual report released today.
Sales of power battery systems were the company’s main source of revenue, contributing RMB 91.49 billion last year, up 132.06 percent year-on-year.
In 2021, CATL’s lithium-ion battery sales were 133.41 GWh, up 184.82 percent year-on-year, with power battery system sales of 116.71 GWh, up 162.56 percent year-on-year.
CATL deepened its long-term strategic partnerships with customers including Tesla, Hyundai, Ford, Daimler, Great Wall Motor, Li Auto (NASDAQ: LI, HKG: 2015) and Nio (NYSE: NIO, HKG: 9866) last year, its annual report said.
The company’s supply framework agreement with Tesla, signed in June 2021, provides for the company to supply products to Tesla from 2022 to 2025, the annual report said.
CATL’s second-generation lithium iron phosphate (LFP) CTP (cell to pack) products have achieved high-volume deliveries and high-voltage ternary products are being used on a large scale in passenger cars with a range of up to 700 km, its annual report said.
The energy density of the company’s LFP mass-produced cells has reached up to 200Wh/kg, and the second-generation battery system without thermal diffusion has been approved by several foreign domestic customers, according to the annual report.
During the reporting period, the company’s overseas order delivery scale increased rapidly and its overseas business gradually matured, CATL said.
