CATL Boosts Battery Shipments to 475GWh in 2024 Despite Revenue Decline

CATL 

Company on Track for TWh-Scale Output in 2025 Amid Surging EV and ESS Demand

Contemporary Amperex Technology Ltd. (CATL), China’s largest battery maker, expanded battery sales by 22% year-on-year in 2024, reaching 475GWh, up from 390GWh in 2023. The surge came amid rising global demand for electric vehicle (EV) and energy storage systems (ESS).

CATL shipped 381GWh of power batteries (up 19%) and 93GWh of energy storage batteries (up 35%), reflecting a global battery demand increase of 27% for EVs and 63% for energy storage, according to internal data.

TWh Milestone in Sight for 2025

CATL’s total production capacity reached 676GWh in 2024, with a 76.3% utilization rate. An additional 219GWh of capacity is under construction across China, Europe, and Indonesia. Analysts estimate CATL will reach 700–1,000GWh in 2025, putting it on track to become the first TWh-scale battery producer globally.

Expanding Global Partnerships

Operating 13 production bases, CATL continues to scale through strategic partnerships. These include a joint venture with Stellantis in North America and a vertically integrated battery project in Indonesia. CATL led China’s power battery market in 2024, accounting for 45% of installations, ahead of BYD (25%) and CALB (7%).

Key Clients and Financial Performance

CATL supplies batteries to automakers like BMW, Volkswagen, Toyota, Hyundai, NIO, and Li Auto. It also supports global and Chinese ESS clients such as NextEra, Wärtsilä, State Power Investment Group, and PetroChina.

Despite higher shipment volumes, CATL’s 2024 revenue declined 9.7% to 362 billion yuan ($50 billion). However, net profit rose 15% to 50.7 billion yuan, driven by increased operational efficiency and high-margin products.