CATL, the world’s largest battery maker, published on Monday its first-quarter earnings results, reporting a 33% increase in net profit to 13.963 billion yuan, equivalent to $1.9 billion. Revenue jumped 6.2% to 84.7 billion yuan ($11.5 billion.)
Speaking with analysts, the Ningde-based company said the recently announced U.S. tariffs have “little” impact as CATL’s exposure to the market is “quite small.”
Commenting on its investment in the battery swap technology, CATL said more battery swap compatible models will be launched later this year.
Last December, the company launched its battery-swapping ecosystem named “Choco-Swap,” introducing two standardized battery packs, the “#20” and “#25.” Back then, the company said it aimed to reach 1,000 Choco-Swap stations this year while expanding the network to Hong Kong and Macau.
In the mid-term, CATL plans to build 10,000 stations with its partners. “As the battery swap ecosystem expands, and through the joint efforts of the whole society, there will be 30,000 Choco-Swap stations in the future,” the company said in a statement last December.
CATL signed earlier this month an expanded agreement with Chinese state-owned oil giant Sinopec to jointly build at least 500 battery swap stations until the year-end, with a long-term target of setting up 10,000 stations nationwide.
CATL x Nio
CATL expanded last month its partnership with its long-term partner and customer Nio to build a battery swapping network for passenger vehicles. Additionally, CATL committed an investment of up to 2.5 billion yuan ($344 million) in Nio’s energy arm, Nio Power.
In a joint statement, the companies said they aim to “advance the high-quality development of the new energy vehicle industry by building a battery swapping network for passenger vehicles.” They also plan to “pursue capital cooperation,” with
CATL x Nio-backed Mirattery
In a separate development, Chinese tech news outlet 36Kr reported last month that CATL is planning to increase its stake in Mirattery, a Wuhan-based battery asset operator backed by Nio. Currently, CATL’s stake is at about 10.7%.
