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Jaguar Land Rover (JLR) on Wednesday announced an $18.7 billion investment over five years that will fund the first electric Land Rover and Jaguar's long-awaited second EV. JLR confirmed in a press release that it will begin taking orders for an all-electric Range Rover model later this year. Under the brand's current product plan, Range Rover has...
Lithium carbonate prices fell more than 50 percent in the first quarter, allowing CATL to see record net profit growth of 557.97 percent in the quarter.
Chinese power battery giant CATL saw strong net profit growth in the first quarter, as raw battery material prices fell.
In the first quarter, CATL saw revenue of RMB 89.04 billion, up 82.91 percent year-on-year but 24.7 percent lower than in the fourth quarter of last year, according to its earnings report released today.
Its net profit attributable to shareholders in the first quarter was RMB 9.82 billion, up 557.97 percent year-on-year but 25.2 percent lower than in the fourth quarter.
CATL's gross margin in the first quarter was 21.27 percent, up from 14.48 percent a year ago but slightly lower than the 22.57 percent in the fourth quarter.
The first quarter is typically a slow quarter for the Chinese auto market, and a rare price war has put an additional dent in electric vehicle (EV) sales.
In the first quarter, retail sales of new energy passenger vehicles in China were 1,313,610 units, up 22.81 percent year-on-year, but down 26.73 percent from the fourth quarter, according to the China Passenger Car Association (CPCA).
As a supplier with about 50 percent share of the Chinese power battery market, CATL's revenue in the first quarter was impacted by weak sales of NEVs.
However, CATL was among the first to profit as lithium carbonate prices fell sharply in the first quarter, with a record high 557.97 percent year-on-year net profit growth.
So far this year, the price of lithium carbonate, a key raw material for batteries, has not seen a single day of gains this year, according to data provider Mysteel.
The average price of battery-grade lithium carbonate fell to RMB 180,000 per ton today, while the average price of industrial-grade lithium carbonate was at RMB 135,000 per ton, down about 70 percent from their highs in November last year.
On March 31, the average price of battery-grade lithium carbonate was RMB 245,000 per ton, down 53 percent from RMB 517,500 per ton at the beginning of the year, according to data monitored by CnEVPost.
When the price of lithium carbonate decreases by RMB 100,000 per ton, ternary lithium batteries and LFP batteries will see marginal cost decreases of RMB 60 to RMB 70/kWh, respectively, said Haitong International Securities analyst Yang Bin's team in a March 30 research note.
In this scenario, battery costs would be RMB 4,200 to RMB 4,900 lower for an all-electric vehicle with a 70-kWh battery capacity, according to the team.
Analysts explain how falling lithium carbonate prices affect EV costs
The post CATL sees record net profit growth in Q1 as lithium prices plunge appeared first on CnEVPost.
For more articles, please visit CnEVPost.
Lithium carbonate prices fell more than 50 percent in the first quarter, allowing CATL to see record net profit growth of 557.97 percent in the quarter.
Chinese power battery giant CATL saw strong net profit growth in the first quarter, as raw battery material prices fell.
In the first quarter, CATL saw revenue of RMB 89.04 billion, up 82.91 percent year-on-year but 24.7 percent lower than in the fourth quarter of last year, according to its earnings report released today.
Its net profit attributable to shareholders in the first quarter was RMB 9.82 billion, up 557.97 percent year-on-year but 25.2 percent lower than in the fourth quarter.
CATL's gross margin in the first quarter was 21.27 percent, up from 14.48 percent a year ago but slightly lower than the 22.57 percent in the fourth quarter.
The first quarter is typically a slow quarter for the Chinese auto market, and a rare price war has put an additional dent in electric vehicle (EV) sales.
In the first quarter, retail sales of new energy passenger vehicles in China were 1,313,610 units, up 22.81 percent year-on-year, but down 26.73 percent from the fourth quarter, according to the China Passenger Car Association (CPCA).
As a supplier with about 50 percent share of the Chinese power battery market, CATL's revenue in the first quarter was impacted by weak sales of NEVs.
However, CATL was among the first to profit as lithium carbonate prices fell sharply in the first quarter, with a record high 557.97 percent year-on-year net profit growth.
So far this year, the price of lithium carbonate, a key raw material for batteries, has not seen a single day of gains this year, according to data provider Mysteel.
The average price of battery-grade lithium carbonate fell to RMB 180,000 per ton today, while the average price of industrial-grade lithium carbonate was at RMB 135,000 per ton, down about 70 percent from their highs in November last year.
On March 31, the average price of battery-grade lithium carbonate was RMB 245,000 per ton, down 53 percent from RMB 517,500 per ton at the beginning of the year, according to data monitored by CnEVPost.
When the price of lithium carbonate decreases by RMB 100,000 per ton, ternary lithium batteries and LFP batteries will see marginal cost decreases of RMB 60 to RMB 70/kWh, respectively, said Haitong International Securities analyst Yang Bin's team in a March 30 research note.
In this scenario, battery costs would be RMB 4,200 to RMB 4,900 lower for an all-electric vehicle with a 70-kWh battery capacity, according to the team.
Analysts explain how falling lithium carbonate prices affect EV costs
The post CATL sees record net profit growth in Q1 as lithium prices plunge appeared first on CnEVPost.
For more articles, please visit CnEVPost.
All 2023 Volkswagen ID.4 models will qualify for the highest $7,500 federal EV tax credit amount under the latest rules, VW confirmed Wednesday in a press release. Local assembly of U.S.-market ID.4 crossover SUVs, as well as local battery sourcing, help allow the ID.4 to qualify for the full credit amount. New rules introduced Tuesday require...
It will be a mix of LFP and sodium-ion.
The post CATL and BYD sodium-ion batteries will be put into a mass-produced car in Q4 2023 appeared first on CarNewsChina.com.
This is 548 days after its first production vehicle rolled off the line on October 19, 2021. As of the end of March, Zeekr's cumulative deliveries since its inception reached 93,182 vehicles.
(Image credit: Zeekr)
Zeekr saw its 100,000th vehicle roll off the line today, marking a milestone in the history of the Geely-owned premium electric vehicle brand.
The 100,000th vehicle, a Zeekr 009 MPV powered by CATL's Qilin Battery, was produced at Zeekr's plant in Ningbo, Zhejiang province.
This comes 548 days after its first production vehicle rolled off the production line on October 19, 2021, which means Zeekr is averaging about 5,474 vehicles per month in mass production.
The rollout of the 100,000th vehicle is another important milestone for Zeekr, marking a new phase of growth for the brand, the company said in a press release.
This year, Zeekr will continue to enrich its product matrix and accelerate its strategy to expand into overseas markets, it said.
On the first day of the Shanghai auto show on April 18, Zeekr unveiled its European strategy and said that the flagship Zeekr 001 shooting brake and Zeekr X urban SUV will debut in Sweden and the Netherlands in the fourth quarter.
Zeekr was officially launched as an independent company in March 2021, with its first model, the Zeekr 001, launched on April 15, 2021, and deliveries starting in October 2021.
The first production vehicle of Zeekr 001 rolled off the production line on October 19, 2021, and 199 units of the model were delivered that month.
On February 9, 2022, Zeekr's cumulative deliveries reached 10,000 units, and last October 15 Zeekr announced the delivery of its 50,000th vehicle.
On November 1, 2022, Zeekr's second model, the Zeekr 009 MPV, was launched, and its deliveries began on January 15.
On April 12, Zeekr launched its third model, the Zeekr X, which it hopes will become the benchmark for luxury compact cars.
The Zeekr X is already taking reservations and deliveries will begin in June, with the model aiming to deliver 40,000 units this year.
Deliveries of the ME version of the Zeekr 009 MPV began on April 17, marking the global debut of the Qilin Battery in production vehicles.
The Zeekr 009 ME version is equipped with a battery pack with a capacity of 140 kWh, providing a CLTC range of 822 km, the highest of any pure electric MPV.
Zeekr delivered 6,663 vehicles in March, bringing the cumulative deliveries since inception to 93,182. The company aims to see sales double to about 140,000 units this year compared to last year.
Zeekr releases Europe strategy, 2 models to debut in Sweden and Netherlands in Q4
The post Zeekr sees 100,000th vehicle roll off line appeared first on CnEVPost.
For more articles, please visit CnEVPost.