Investing.com-- Shares of China's Contemporary Amperex Technology (CATL) (SZ:300750), the world's largest electric vehicle battery maker and a supplier to Tesla (NASDAQ:TSLA), fell on Wednesday after its third-quarter profit growth slowed to its weakest pace in nearly two years.
CATL's Hong Kong-listed shares fell 9.4% to HK$373.2 -- a 15-month low, while its Shenzhen-listed shares also declined.
Net profit rose 14.5% year-on-year to 21.25 billion yuan in the July-September quarter, below analysts' expectations. Revenue climbed 58.6% to 165.22 billion yuan, also missing forecasts.
Profit growth slowed from 36.5% in the second quarter as China's cooling auto sales growth and fierce competition weighed on the battery industry.
For the first nine months, CATL's net profit rose 31.6% to 64.53 billion yuan, while revenue increased 56.2% to 442.14 billion yuan.
Rising operating costs, higher research spending, and a shift towards lower-margin energy storage products added to profitability pressures.
Original Article
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