The company’s performance reflects a broader struggle within the Chinese electric-vehicle supply chain, where slowing demand and persistent price wars threaten margins. Over the first nine months of the year, CATL reported a 31.6% increase in net profit to 64.53 billion yuan, supported by a 56.2% revenue jump to 442.14 billion yuan.

Operational challenges remain significant, as costs outpaced revenue growth, climbing 61.6% to 341.70 billion yuan. Further pressure arrived via financial volatility; net finance income plummeted to 1.45 billion yuan from 7.02 billion yuan in the previous year, a decline the company linked primarily to foreign-exchange losses.