When the electric vehicle market in China hit the brakes, most people expected battery makers to feel the slowdown too. But Contemporary Amperex Technology, known as CATL, had other plans.
The company — the world's largest battery maker, based in Fujian Province, China — just reported a 42% jump in net profit for the first half of 2026. That translates to 43.28 billion yuan, or about $6.4 billion, landing in the company's pockets. Even more striking, this growth came during a period when China's overall auto market, including electric vehicles, was described as being in a lull.
CATL's revenue for the same period reached 276.92 billion yuan, or roughly $40.9 billion. The bulk of that money still comes from making batteries for electric cars — that business brought in 192.12 billion yuan ($28.4 billion), up 46% from the same time last year. But there's a newer line of business that grew even faster. Energy storage, which means big batteries used to store wind and solar power for later use, saw revenue jump 87.5% to 53.26 billion yuan ($7.9 billion).
The company also announced a shareholder-friendly move alongside the earnings report. CATL's board approved a plan to buy back some of its own shares worth up to 40 billion yuan ($5.9 billion). The repurchased shares will be canceled, which usually helps increase the value of remaining shares for investors.
CATL has become a key supplier not just for Chinese automakers, but also for Western car companies racing to build more electric vehicles. Over the past decade, it has outpaced rivals like LG Energy Solution and Samsung SDI to become the global leader in car batteries. With demand for cleaner energy expected to keep growing worldwide, CATL appears well-positioned to stay on top.