CATL's 2024 Battery Shipments Set to Keep Rising, Fueled by Surging Energy Storage Demand and Higher EV Battery Capacity

Nomura analysts noted in a report that CATL's battery shipments are expected to continue growing in 2024. Strong demand for energy storage systems is likely to drive the company's full-year revenue growth. Additionally, rising battery capacity per electric vehicle has helped CATL further increase its share of the global EV battery market, mitigating the impact of weak domestic passenger car demand in China. Moreover, the company has maintained stable per-unit profitability in the first quarter of 2024 by passing on part of its cost increases to customers through pricing mechanisms. Nomura reiterated its "Buy" rating on CATL stock with a target price of RMB 476.