China’s leading EV battery makers’ profits nearly double that of industry’s carmakers

China’s electric vehicle (EV) battery makers saw their combined net profit in the first half of the year nearly double that of the country’s major carmakers, widening the profitability gap amid weakening domestic demand for EVs.

Seven major battery manufacturers, including Contemporary Amperex Technology Limited (CATL), recorded a net profit of over 50 billion yuan (US$7.4 billion) during the January-June period, up 49 per cent year on year, according to the companies’ exchange filings.

However,...