China's CATL third-quarter profit growth slowest in nearly two years as competition intensifies

What happened: CATL reported its slowest third-quarter profit growth in nearly two years as intense competition in China's EV battery market weighed on earnings. The company also unveiled new heavy-duty truck batteries and plans to expand its battery-swapping network. Key numbers: Net profit rose 14.5% to 21.2 billion yuan, below estimates. Revenue grew 58.6%. Why it matters: Profit growth decelerated to its weakest pace in nearly two years, and net profit came in below estimates as competition in the EV battery market intensified.

CATL reported its slowest third-quarter profit growth in nearly two years as intense competition in China's EV battery market weighed on earnings. The company also unveiled new heavy-duty truck batteries and plans to expand its battery-swapping network.

Profit growth decelerated to its weakest pace in nearly two years, and net profit came in below estimates as competition in the EV battery market intensified.