Shanghai (ZXZC)- CATL said on Jan. 27 its full-year net profit attributable to shareholders in 2021 is forecasted to reach 14 billion yuan ($2.206 billion) to 16.5 billion yuan ($2.6 billion), surging 150.75% to 195.52% from the previous year.

Photo credit: CATL

Excluding the impact of non-recurring gains and losses, the company expects its annual net profit to be 12 billion yuan ($1.891 billion) to 14 billion yuan, a year-on-year hike of 181.38% to 228.28%.

The company noted the blooming growth in its 2021 net profit was mainly attributable to three factors. The first is about the favorable market climate. With share of new energy vehicles (NEVs) continuously rising, China's power battery sales were vigorously growing as well.

Moreover, CATL said both significant market expansion and gradual unleashing of new manufacturing capacity drove the growth of its production and sales volumes last year.

The net profit growth also owed partly to CATL's greater efforts to control costs, which resulted in lower proportion of expense compared to income.

For the year of 2021, CATL recorded an annual power battery installed capacity of 80.51GWh, accounting for up to 52.1% of China's totals and topping other power battery makers in China with a significant lead, according to the China Automotive Power Battery Industry Innovation Alliance (CAPBIIA).