CATL Expands Battery Sales in 2024 Despite Revenue Dip

CATL

Strong EV and energy storage demand lifts GWh shipments; global capacity poised for TWh milestone in 2025

China’s top battery producer Contemporary Amperex Technology (CATL) recorded a 22% increase in battery sales in 2024, fueled by growing demand in electric vehicle and energy storage markets. The firm shipped 475GWh of lithium-ion batteries, up from 390GWh in 2023.

Growth in both EV and energy storage sectors

CATL’s 2024 shipments included 381GWh of power batteries, rising 19% year-over-year, and 93GWh of energy storage batteries, jumping 35%. These gains came amid a 27% rise in global EV-related battery consumption and a 63% surge in energy storage battery demand, according to company-cited data.

CATL’s total production capacity hit 676GWh last year, with an operational utilization rate of 76.3%. The company is constructing an additional 219GWh of capacity across sites in China, Europe, and Indonesia. Market analysts project CATL’s total capacity will reach 700–1,000GWh in 2025, potentially making it the first company to achieve TWh-scale battery output.

Global footprint and customer base widen

With 13 operating production bases, CATL is also expanding its joint ventures, including partnerships with Stellantis in North America and a vertically integrated project in Indonesia. It leads China’s battery market alongside BYD and CALB, which accounted for 25% and 7% of China’s power battery installations, respectively, compared to CATL’s 45%.

CATL supplies major auto manufacturers including BMW, Volkswagen, Toyota, Hyundai, and Chinese EV startups like NIO and Li Auto. Its energy storage clients include major global and Chinese power firms such as NextEra, Wartsila, State Power Investment Group, and PetroChina.

Despite higher volumes, CATL’s total revenue fell 9.7% to 362 billion yuan ($50 billion) in 2024. However, net profit rose 15% to 50.7 billion yuan, reflecting operational efficiency and high-margin product segments.