CATL increases profit six-fold

Chinese EV battery manufacturer CATL reported a six-fold increase in profit for the first three months of the year. In the first quarter, net profit was 9.8 billion yuan (1.3 billion euros) – compared to 1.5 billion yuan in the same period last year, the company said. CATL is the world’s leading battery manufacturer, supplying a wide range of carmakers, from BMW and Volkswagen to Tesla and Toyota.