CATL’s 2022 Financial Results: What Six Consecutive Years at Number One Reveal About Scale

Originally published 2023-03-10News + Robin’s commentary

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English translation of the Chinese post originally published 2023-03-10. Translated 2026-10-22 with AI assistance. Historical figures and claims have not been updated or independently verified. 中文原文

Reading guide

Reprinted news: CATL reported 2022 revenue of RMB328.5 billion, up 152% year over year, and net profit of RMB30.7 billion, up 92%. Its global market share of EV battery usage was 37%, ranking first for the sixth consecutive year; its share of energy-storage battery shipments was 43.4%, ranking first for the second consecutive year. R&D spending was RMB15.5 billion, up 101%. Robin comments that even before entering venture capital more than a decade earlier, he had reservations about Taiwan’s prospects in the battery industry if competition came down to economies of scale, volume, cost, or even basic-science capabilities. Looking back, he feels those concerns seem to have been borne out. He also jokes that “our Simplo makes a ton of money too.” The financial figures refer to 2022; the remark about Simplo is a personal joke and does not indicate any shareholding or fund relationship.

Key points

CATL’s 2022 revenue was RMB328.5 billion, up 152% year over year, with net profit of RMB30.7 billion.
Its 37% EV battery share put it first globally for six consecutive years; its 43.4% energy-storage share made it first for two consecutive years.
R&D spending was RMB15.5 billion, up 101%; lithium-ion battery sales were 289 GWh.
Robin had reservations more than a decade earlier about Taiwan competing on battery scale and cost, and feels those concerns now seem borne out.

Columns and beams in an open building are connected by central rods and balanced weights, suggesting structure and checks in governance. — Capital markets & governanceThematic illustration · AI generated

Full text — English translation

CATL’s 2022 financial results showed revenue of RMB328.5 billion, up 152% year over year, and net profit of RMB30.7 billion, up 92%. According to SNE Research statistics cited in the annual report, the company’s global market share of EV battery usage was 37% in 2022, up 4 percentage points from the previous year. Its global share of energy-storage battery shipments was 43.4%, up 5.1 percentage points. CATL said it continued to increase R&D investment, spending RMB15.5 billion in 2022, up 101% year over year. CATL sold 289 GWh of lithium-ion batteries (GWh denotes millions of kilowatt-hours), up 116.6%, including 242 GWh of EV battery systems, up 107.09%. In 022, CATL’s global market share of EV battery system usage reached 37.0%, up 4.0 percentage points from the previous year, ranking first globally for the sixth consecutive year. In 2022, its global share of energy-storage battery system shipments reached 43.4%, up 5.1 percentage points, ranking first globally for the second consecutive year. ---- Even before I entered venture capital—more than 10 years ago—I had some reservations about the development of Taiwan’s battery industry. My feeling then was that if the contest came down to economies of scale, sheer volume, cost, or even basic-science capabilities, Taiwan would face challenges. Looking back more than 10 years later, those reservations seem to have been borne out. Still, our Simplo makes a ton of money too. XDDD

These articles are personal notes, book excerpts, and collected reprints. Figures and events reflect the time of the original publication, are not current information, and do not constitute investment advice.

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