Welcome to the Daily Tech Roundup — a briefing of the top technology news making headlines in China and the rest of Asia.
CATL fends of rivals as EV demand growth slows
Contemporary Amperex Technology Co. Ltd.’s (CATL) full-year net income beat estimates as the world’s biggest battery-maker for electric vehicles (EV) successfully fended off rivals while benefiting from a slump in input costs. Net income for 2023 rose 44% to 44.12 billion yuan ($6.1 billion) on revenue of 400.9 billion yuan, which fell short of estimates, according to a filing. For the fourth quarter alone, CATL reported 13 billion yuan in earnings on revenue of 106.2 billion yuan. The Chinese battery-making giant attributed its earnings growth to the continued — albeit slower — expansion of sales of electric cars in China.
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