Shanghai (ZXZC)- CATL announced last Friday that its revenue reached about 97.369 billion yuan ($13.426 billion) in the third quarter of 2022 (Q3 2022 or reporting period), rocketing 232.47% from the previous year.

In the reporting period, the battery giant scored a 188.42%% year-over-year surge in net profit attributable to shareholders, which stood around 9.424 billion yuan ($1.299 billion).

Photo credit: CATL

For the first three quarters of this year (Q1-Q3 2022), CATL saw its revenue soar 186.72% over a year ago to roughly 210.34 billion yuan ($29.003 billion), resulting in a net profit belonging to shareholders of 17.592 billion yuan ($2.426 billion, +126.95% YoY).

In the financial results forecast released earlier this month, CATL said the robust growth in net profit should owe much to the rapid development of both domestic and overseas new energy vehicle (NEV) industries, which continuously boosted the market demands for power batteries and energy storage batteries. Besides, the frequent roll-out of industry-leading products and solutions, the greater efforts to exploit markets, as well as the unleashing of production capacity previously deployed all contributed to the increase in the company's production, sales volume, and profitability.

For the first nine months of 2022, CATL recorded an installed power battery capacity of 92.02GWh in China, still outshining other battery makers in the country and accounting for 47.51% of China's total volume, according to data by the China Automotive Power Battery Industry Innovation Alliance (CAPBIIA).