Chinese EV battery giant CATL expects 2023 earnings to jump by up to 48%

An electric vehicle (EV) battery is displayed at the booth of battery maker CATL during the first China International Supply Chain Expo (CISCE) in Beijing, China November 28, 2023. REUTERS/Florence Lo

BEIJING (Reuters) - Chinese electric vehicle (EV) battery giant CATL on Tuesday forecast net profit growth of up to 48.1% in 2023, despite a year marked by slowing demand and stiff competition.

CATL expects 2023 net profit of between 42.5 billion yuan and 45.5 billion yuan ($5.92-6.34 billion), up 38.3-48.1% from a year earlier, according to its filing with the Shenzhen Stock Exchange.

That compares with a 92.89% net profit gain in 2022.

($1 = 7.1787 Chinese yuan renminbi)

(Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh)