How many batteries did CATL ship in Q3 2024?In Q3 2024, CATL shipped over 120 GWh of batteries, a quarter-on-quarter increase of about 15%, with less than one-fourth of this being energy storage batteries and three-fourths being EV batteries.
What is CATL's EV battery market share?Domestically, CATL's EV battery market share reached 45.9% in the first nine months of 2024, a year-on-year increase of 3.1 percentage points, maintaining its top rank. On the energy storage side, CATL saw a substantial increase in overseas shipments.
How has CATL performed in Q3 2024?Despite this, CATL has maintained quarterly net profits above RMB 10 billion due to continued improvements in its gross profit margin. In Q3 2024, CATL's gross profit margin reached 31.17%, the highest since Q4 2018.
Why did CATL's profit margin increase in Q3 2024?In Q3 2024, CATL's gross profit margin reached 31.17%, the highest since Q4 2018. At CATL's Q3 earnings briefing, CFO Zeng Shu explained that the gross margin increase was driven by further declines in the prices of key materials, such as lithium carbonate, alongside reduced sales prices.
Which battery brands are coming out in 2022 & 2023?These battery brands were launched in 2022 and 2023, respectively. This year, CATL has introduced multiple new products, including the Shenxing Plus Battery, the next-generation high-power Kirin Battery, and the Tianheng Energy Storage System.
What EV batteries will CATL sell next year?These two products are expected to account for 30% to 40% of CATL's EV battery shipments this year and could rise to 70% to 80% next year. The Kirin Battery is targeted at the high-end passenger car market, while the Shenxing Battery focuses on the value-for-money passenger car segme
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In Q3 2024, CATL shipped over 120 GWh of batteries, a quarter-on-quarter increase of about 15%, with less than one-fourth of this being energy storage batteries and three-fourths being EV batteries.
Domestically, CATL's EV battery market share reached 45.9% in the first nine months of 2024, a year-on-year increase of 3.1 percentage points, maintaining its top rank. On the energy storage side, CATL saw a substantial increase in overseas shipments.
Despite this, CATL has maintained quarterly net profits above RMB 10 billion due to continued improvements in its gross profit margin. In Q3 2024, CATL's gross profit margin reached 31.17%, the highest since Q4 2018.
In Q3 2024, CATL's gross profit margin reached 31.17%, the highest since Q4 2018. At CATL's Q3 earnings briefing, CFO Zeng Shu explained that the gross margin increase was driven by further declines in the prices of key materials, such as lithium carbonate, alongside reduced sales prices.
These battery brands were launched in 2022 and 2023, respectively. This year, CATL has introduced multiple new products, including the Shenxing Plus Battery, the next-generation high-power Kirin Battery, and the Tianheng Energy Storage System.
These two products are expected to account for 30% to 40% of CATL's EV battery shipments this year and could rise to 70% to 80% next year. The Kirin Battery is targeted at the high-end passenger car market, while the Shenxing Battery focuses on the value-for-money passenger car segment.
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The global commercial and industrial solar energy storage battery market is experiencing unprecedented growth, with demand increasing by over 400% in the past three years. Large-scale battery storage solutions now account for approximately 45% of all new commercial solar installations worldwide. North America leads with 42% market share, driven by corporate sustainability goals and federal investment tax credits that reduce total system costs by 30-35%. Europe follows with 35% market share, where standardized industrial storage designs have cut installation timelines by 60% compared to custom solutions. Asia-Pacific represents the fastest-growing region at 50% CAGR, with manufacturing innovations reducing system prices by 20% annually. Emerging markets are adopting commercial storage for peak shaving and energy cost reduction, with typical payback periods of 3-6 years. Modern industrial installations now feature integrated systems with 50kWh to multi-megawatt capacity at costs below $500/kWh for complete energy solutions.
Technological advancements are dramatically improving solar energy storage battery performance while reducing costs for commercial applications. Next-generation battery management systems maintain optimal performance with 50% less energy loss, extending battery lifespan to 20+ years. Standardized plug-and-play designs have reduced installation costs from $1,000/kW to $550/kW since 2022. Smart integration features now allow industrial systems to operate as virtual power plants, increasing business savings by 40% through time-of-use optimization and grid services. Safety innovations including multi-stage protection and thermal management systems have reduced insurance premiums by 30% for commercial storage installations. New modular designs enable capacity expansion through simple battery additions at just $450/kWh for incremental storage. These innovations have improved ROI significantly, with commercial projects typically achieving payback in 4-7 years depending on local electricity rates and incentive programs. Recent pricing trends show standard industrial systems (50-100kWh) starting at $25,000 and premium systems (200-500kWh) from $100,000, with flexible financing options available for businesses.