Chinese battery maker CATL posts faster profit growth in third quarter

Chinese electric vehicle battery giant CATL 300750 saw net profit growth accelerate in the third quarter, even as it faced increased competition from smaller rivals.

Net profit rose 41.2% to 18.5 billion yuan ($2.60 billion) in the July-September period from a year earlier, picking up from a 33.7% increase in the second quarter, according to a stock filing on Monday.

Revenue rose 12.9% year on year to 104.2 billion yuan, up from a 8.3% gain in the second quarter.

($1 = 7.1230 Chinese yuan renminbi)