China's CATL, the world's largest electric vehicle (EV) battery maker, said on Friday its third-quarter profit nearly tripled, buoyed by rapid expansion in production to power the growth of EVs worldwide.
CATL, whose clients include Tesla, Volkswagen and BMW, booked a net profit of 9.4 billion yuan ($1.30 billion) from July to September, according to a company filing to the Shenzhen stock exchange.
Revenue increased 232.5 per cent in the three-month period to 97.4 billion yuan from a year before, the company said.
Experts believe the expansion of companies like Tesla and other electric vehicle (EV) makers increased their revenue.
The result is largely in line with an estimate provided by the company last week.