The world’s largest EV battery maker warned that it expects to report less revenue in 2024 than the previous year, sending share prices down on Wednesday. CATL (SHE: 300750) stock dipped after its 2024 Annual Performance Forecast was released. Here’s a preview of CATL’s financials for last year.
CATL stock falls on lower 2024 revenue expectations
CATL released the forecast in a filing with the Shenzen Stock Exchange late Tuesday, previewing its full-year 2024 financials.
The battery giant expects annual revenue of between RMB 356 billion ($48.9 billion) and RMB 366 billion ($50.3 billion), suggesting an 11.20% to 8.71% decrease from 2023. This would mark CATL’s first time reporting lower annual revenue than the year before.
CATL said that although sales volume was up, the lower expectations were due to falling raw material prices, including lithium…
Read the full article originally published at electrek.co.