Category: eV

Full CPCA rankings: Top-selling models and automakers in China in Feb

This article contains 20 tables compiled by CnEVPost based on data from the CPCA, showing which models and car companies sold the most in China in February.

The China Passenger Car Association (CPCA) announced on March 9 the top selling models and car companies in China in February, presenting a panoramic view of the Chinese auto industry.

CnEVPost highlighted the NIO ET5 and 's Model Y on these lists in yesterday's articles.

Here are 20 tables CnEVPost compiled based on data from the CPCA, in case you wish to know more details about these rankings.

Top-selling sedans at retail in China in Feb 2023
RankingModelFeb 2023Feb 2022YoY
1 Qin30,54024,50124.6%
2Hongguang Mini EV30,26726,11615.9%
3Nissan Sylphy26,10228,519-8.5%
4BYD Dolphin22,6828,561164.9%
5Volkswagen Lavida21,26926,707-20.4%
6Aion S16,8273,380397.8%
7Volkswagen Sagitar14,52612,54015.8%
8Toyota Camry14,40114,2281.2%
9Honda Accord13,21813,816-4.3%
10Toyota Levin13,2009,14244.4%
11Toyota Corolla12,89915,595-17.3%
12 Emgrand12,34712,574-1.8%
13BYD Han12,2659,28432.1%
14Audi A6L12,1678,15349.2%
15Mercedes-Benz E-Class12,1539,37829.6%
Top-selling sedans at retail in China in Jan-Feb 2023
RankingModelJan-Feb 2023Jan-Feb 2022YoY
1Nissan Sylphy49,60978,501-36.8%
2Volkswagen Lavida48,18671,995-33.1%
3Wuling Hongguang Mini46,68352,798-11.6%
4BYD Qin44,72551,043-12.4%
5BYD Dolphin40,26419,163110.1%
6Volkswagen Sagitar34,98040,275-13.1%
7Toyota Camry28,79739,178-26.5%
8Honda Accord27,81236,723-24.3%
9Mercedes-Benz E-Class26,69630,398-12.2%
10BMW 5 Series25,73735,444-27.4%
11Toyota Corolla25,48926,242-2.9%
12Audi A6L24,63221,22016.1%
13Geely Emgrand24,49132,825-25.4%
14BYD Han23,98322,0648.7%
15Volkswagen Bora23,59632,040-26.4%
Top-selling high-end sedans at retail in China in Feb 2023
RankingModelFeb 2023Feb 2022YoY
1Audi A6L12,1678,15349.2%
2Mercedes-Benz E-Class12,1539,37829.6%
3Mercedes-Benz C-Class11,8695,298124.0%
4BMW 5 Series9,6099,3522.7%
5BMW 3 Series8,86810,185-12.9%
6Audi A4L6,9359,460-26.7%
7 ET56,471NANA
8BMW 3 Series BEV2,976NANA
9Volvo S902,8931,66673.6%
10Hongqi H91,1591,477-21.5%
High-end models are those with a starting price of more than RMB 300,000.
Top-selling high-end sedans at retail in China in Jan-Feb 2023
RankingModelJan-Feb 2023Jan-Feb 2022YoY
1Mercedes-Benz E-Class26,69630,398-12.2%
2BMW 5 Series25,73735,444-27.4%
3Audi A6L24,63221,22016.1%
4Mercedes-Benz C-Class17,76215,57114.1%
5BMW 3 Series16,62734,581-51.9%
6NIO ET512,266NANA
7Audi A4L11,87826,204-54.7%
8BMW 3 Series BEV6,600NANA
9Volvo S905,1744,55213.7%
10Hongqi H91,9624,563-57.0%
High-end models are those with a starting price of more than RMB 300,000.
Top-selling new energy sedans at retail in China in Feb 2023
RankingModelFeb 2023Feb 2022YoY
1BYD Qin30,54024,50124.6%
2Wuling Hongguang Mini30,26726,11615.9%
3BYD Dolphin22,6828,561164.9%
4Aion S16,8273,380397.8%
5BYD Han12,2659,28432.1%
6Changan Lumin9,105NANA
7Tesla Model 38,3974,60782.3%
8BYD Seal7,754NANA
9Geely Panda Mini6,661NANA
10NIO ET56,471NANA
11BYD Destroyer 054,760NANA
12Shenlan SL034,103NANA
13Chery QQ Ice Cream3,1346,442-51.4%
14BMW 3 Series BEV2,976NANA
15Buick Velite 62,9232,01445.1%
Top-selling new energy sedans at retail in China in Jan-Feb 2023
RankingModelJan-Feb 2023Jan-Feb 2022YoY
1Wuling Hongguang Mini46,68352,798-11.6%
2BYD Qin44,72551,043-12.4%
3BYD Dolphin40,26419,163110.1%
4BYD Han23,98322,0648.7%
5Aion S21,91810,429110.2%
6Tesla Model 321,0567,595177.2%
7BYD Seal14,372NANA
8Changan Lumin13,816NANA
9NIO ET512,266NANA
10Shenlan SL0310,240NANA
11BYD Destroyer 059,616NANA
12Hongqi E-QM59,1741,130711.9%
13Geely Panda Mini6,661NANA
14BMW 3 Series BEV6,600NANA
15Chery QQ Ice Cream5,87016,426-64.3%
Top-selling SUVs at retail in China in Feb 2023
RankingModelFeb 2023Feb 2022YoY
1BYD Song51,59224,532110.3%
2Tesla Model Y25,52618,59337.3%
3BYD Yuan Plus20,2794,515349.1%
4Haval H616,48918,790-12.2%
5Honda CR-V14,05222,260-36.9%
6Changan CS7513,41012,2979.1%
7Changan CS5513,0865,013161.0%
8Aion Y12,9962,986335.2%
9BYD Tang12,02910,02620.0%
10Geely Boyue L11,637NANA
11Hongqi HS511,3209,10624.3%
12BMW X311,3178,81928.3%
13Nissan Qashqai9,7049,743-0.4%
14Geely Xingyue L9,6117,02236.9%
15Toyota Wildlander9,3837,99417.4%
Top-selling SUVs at retail in China in Jan-Feb 2023
RankingModelJan-Feb 2023Jan-Feb 2022YoY
1BYD Song101,30146,981115.60%
2Tesla Model Y39,71034,95113.60%
3Changan CS7535,03044,419-21.10%
4BYD Yuan Plus34,6216,515431.40%
5Haval H633,15252,108-36.40%
6Changan CS5526,10634,864-25.10%
7Geely Boyue L25,272NANA
8Mercedes-Benz GLC23,12532,289-28.40%
9BMW X321,93028,361-22.70%
10Honda CR-V21,69039,875-45.60%
11BYD Tang20,57118,8739.00%
12Geely Xingyue L19,85918,5057.30%
13Hongqi HS517,94725,385-29.30%
14Geely Binyue17,90014,95219.70%
15Aion Y17,7889,39989.30%
Top-selling high-end SUVs at retail in China in Feb 2023
RankingModelFeb 2023Feb 2022YoY
1BMW X311,3178,81928.3%
2Mercedes-Benz GLC8,8089,958-11.5%
3Audi Q5L8,4148,859-5.0%
4 L88,192NANA
5Li Auto Li L97,299NANA
6BMW X57,034NANA
7Mercedes-Benz GLB5,9543,03096.5%
8Volvo XC604,9733,08561.2%
9Cadillac XT53,4833,15410.4%
10Volkswagen Teramont3,0852,65516.2%
Top-selling high-end SUVs at retail in China in Jan-Feb 2023
RankingModelJan-Feb 2023Jan-Feb 2022YoY
1Mercedes-Benz GLC23,12532,289-28.4%
2BMW X321,93028,361-22.7%
3BMW X517,728NANA
4Li Auto Li L915,295NANA
5Audi Q5L14,88125,921-42.6%
6Li Auto L814,291NANA
7Volvo XC609,7698,24918.4%
8Mercedes-Benz GLB9,1389,537-4.2%
9Volkswagen Teramont5,9457,491-20.6%
10Cadillac XT54,3408,331-47.9%
Top-selling new energy SUVs at retail in China in Feb 2023
RankingModelFeb 2023Feb 2022YoY
1BYD Song51,59222,754126.70%
2Tesla Model Y25,52618,59337.30%
3BYD Yuan Plus20,2794,515349.10%
4Aion Y12,9962,986335.20%
5BYD Tang12,02910,02620.00%
6Li Auto L88,192NANA
7Li Auto Li L97,299NANA
8BYD Frigate 076,429NANA
9 V5,0134,07323.10%
10 0014,8392,91665.90%
11Smart #13,616NANA
12Neta U3,0123,044-1.10%
13BMW X32,8591,47294.20%
14NIO ES62,8483,309-13.90%
15AITO M52,2981,061116.60%
Top-selling new energy SUVs at retail in China in Jan-Feb 2023
RankingModelJan-Feb 2023Jan-Feb 2022YoY
1BYD Song101,30143,476133.0%
2Zeekr 00139,71034,95113.6%
3Tesla Model Y34,6216,515431.4%
4BYD Yuan Plus20,57118,8739.0%
5BYD Tang17,7889,39989.3%
6Aion Y15,295NANA
7Li Auto Li L914,291NANA
8Li Auto L811,472NANA
9BYD Frigate 078,50010,555-19.5%
10Neta V7,9556,44623.4%
11Smart #16,786NANA
12BMW X35,1223,20359.9%
13AITO M55,0301,876168.1%
14Neta U4,0247,571-46.8%
15NIO ES63,7208,556-56.5%
Top-selling MPVs at retail in China in Feb 2023
RankingModelFeb 2023Feb 2022YoY
1Wuling Hongguang12,93317,847-27.50%
2Buick GL88,0119,090-11.90%
3Denza D97,325NANA
4GAC Trumpchi M86,3315,00126.60%
5Toyota Sienna5,6534,12037.20%
6Toyota Granvia4,384NANA
7Wuling Jiachen3,921NANA
8GAC Trumpchi M63,7452,03983.70%
9Dongfeng Fengxing Lingzhi2,9193,357-13.00%
10Honda Elysion2,7502,49710.10%
11Honda Odyssey2,0333,069-33.80%
12Brilliance Xinyuan Jinhaishi1,700781117.70%
13JAC Ruifeng1,6861,00767.40%
14Buick Century1,614NANA
15Mercedes-Benz Vito1,40884766.20%
Top-selling MPVs at retail in China in Jan-Feb 2023
RankingModelJan-Feb 2023Jan-Feb 2022YoY
1Wuling Hongguang23,41543,910-46.70%
2Denza D913,763NANA
3Toyota Sienna12,2748,44945.30%
4Buick GL811,32825,147-55.00%
5GAC Trumpchi M810,8627,01055.00%
6Wuling Jiachen8,553NANA
7GAC Trumpchi M66,2528,350-25.10%
8Toyota Granvia6,234NANA
9Honda Elysion4,2974,788-10.30%
10Dongfeng Fengxing Lingzhi4,0908,399-51.30%
11Honda Odyssey3,7927,921-52.10%
12Buick Century3,204NANA
13JAC Ruifeng3,1863,606-11.60%
14Brilliance Xinyuan Jinhaishi2,1651,14189.70%
15Mercedes-Benz V-Class2,0642,797-26.20%
Automakers with highest retail sales of NEVs in China in Feb 2023
RankingAutomakerFeb 2023Feb 2022YoYShare
1BYD176,66286,669103.8%39.8%
2Tesla China33,92323,20046.2%7.6%
3SAIC-GM-Wuling32,70929,22911.9%7.4%
430,0868,526252.9%6.8%
5Geely22,39113,69763.5%5.0%
6Changan19,1065,560243.6%4.3%
7Li Auto16,6208,41497.5%3.7%
8NIO12,1576,13198.3%2.7%
9Neta10,0737,11741.5%2.3%
10Chery7,99910,718-25.4%1.8%
11Great Wall Motor7,4056,34716.7%1.7%
12BMW Brilliance6,5682,762137.8%1.5%
13FAW-Volkswagen6,0694,93423.0%1.4%
146,0106,225-3.5%1.4%
15SAIC-GM3,6942,20867.3%0.8%
Automakers with highest retail sales of NEVs in China in Jan-Feb 2023
RankingAutomakerJan-Feb 2023Jan-Feb 2022YoYShare
1BYD316,417179,45776.3%40.8%
2Tesla China60,76642,54642.8%7.8%
3SAIC-GM-Wuling50,43359,563-15.3%6.5%
4GAC Aion40,29224,55764.1%5.2%
5Changan37,33215,412142.2%4.8%
6Geely32,67431,1025.1%4.2%
7Li Auto31,76120,68253.6%4.1%
8NIO20,66315,78330.9%2.7%
9Neta16,08918,126-11.2%2.1%
10BMW Brilliance13,7057,98671.6%1.8%
11Chery13,29331,367-57.6%1.7%
12Great Wall Motor12,47419,720-36.7%1.6%
13XPeng11,22819,147-41.4%1.4%
14FAW Hongqi11,0591,802513.7%1.4%
15FAW-Volkswagen9,57210,442-8.3%1.2%
Automakers with highest retail sales in China in Feb 2023
RankingAutomakerFeb 2023Feb 2022YoYShare
1BYD176,66289,10298.30%12.70%
2FAW-Volkswagen110,511104,9455.30%8.00%
3Changan92,80260,68252.90%6.70%
4Geely91,17968,62732.90%6.60%
5SAIC-Volkswagen74,01380,158-7.70%5.30%
6GAC Toyota67,02953,09426.20%4.80%
7SAIC-GM-Wuling57,30759,967-4.40%4.10%
8Dongfeng Nissan56,71963,583-10.80%4.10%
9SAIC-GM53,02173,021-27.40%3.80%
10FAW Toyota49,95960,313-17.20%3.60%
11BMW Brilliance49,34237,00133.40%3.60%
12Beijing Benz46,85532,68543.40%3.40%
13Great Wall Motor39,47255,666-29.10%2.80%
14Chery39,13533,60816.40%2.80%
15Dongfeng Honda38,30754,907-30.20%2.80%
Automakers with highest retail sales in China in Jan-Feb 2023
RankingAutomakerJan-Feb 2023Jan-Feb 2022YoYShare
1BYD316,417184,13471.8%11.8%
2FAW-Volkswagen221,946295,719-24.9%8.3%
3Changan209,825204,2382.7%7.8%
4Geely179,526201,117-10.7%6.7%
5SAIC-Volkswagen154,631217,775-29.0%5.8%
6GAC Toyota128,142140,731-8.9%4.8%
7SAIC-GM108,042193,042-44.0%4.0%
8BMW Brilliance106,109126,084-15.8%4.0%
9Dongfeng Nissan102,337174,520-41.4%3.8%
10SAIC-GM-Wuling101,572145,738-30.3%3.8%
11FAW Toyota93,746101,158-7.3%3.5%
12Beijing Benz89,212102,752-13.2%3.3%
13Chery80,269110,194-27.2%3.0%
14Great Wall Motor77,205145,407-46.9%2.9%
15GAC Honda76,136131,678-42.2%2.8%
Automakers with highest wholesale sales in China in Feb 2023
RankingAutomakerFeb 2023Feb 2022YoYShare
1BYD191,66490,268112.3%11.9%
2Changan116,40769,01468.7%7.2%
3Geely108,70178,47838.5%6.7%
4FAW-Volkswagen105,007128,876-18.5%6.5%
5Chery96,55354,40577.5%6.0%
6Tesla China74,40256,51531.7%4.6%
7SAIC-Volkswagen73,30390,604-19.1%4.5%
8SAIC-GM68,15776,006-10.3%4.2%
9Dongfeng Nissan66,81886,301-22.6%4.1%
10GAC Toyota63,20050,10026.1%3.9%
11SAIC Passenger Vehicle58,33664,007-8.9%3.6%
12FAW Toyota54,88875,918-27.7%3.4%
13BMW Brilliance52,87143,55821.4%3.3%
14Beijing Benz52,30040,00030.8%3.2%
15Great Wall Motor51,05359,155-13.7%3.2%
Automakers with highest wholesale sales in China in Jan-Feb 2023
RankingAutomakerJan-Feb 2023Jan-Feb 2022YoYShare
1BYD341,828185,62384.2%11.2%
2Changan239,881228,2475.1%7.8%
3FAW-Volkswagen217,040311,876-30.4%7.1%
4Geely212,153224,858-5.7%6.9%
5Chery191,766135,64341.4%6.3%
6SAIC-Volkswagen145,311221,211-34.3%4.7%
7Tesla China140,453116,36020.7%4.6%
8GAC Toyota138,700150,000-7.5%4.5%
9SAIC-GM123,158186,013-33.8%4.0%
10SAIC Passenger Vehicle113,630130,241-12.8%3.7%
11BMW Brilliance111,138122,645-09.4%3.6%
12Dongfeng Nissan101,837213,424-52.3%3.3%
13Great Wall Motor100,892158,073-36.2%3.3%
14Beijing Benz96,31093,8002.7%3.1%
15FAW Toyota91,352127,370-28.3%3.0%

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XPeng P7i officially launched in China with starting price higher than Tesla Model 3

offers four versions of the P7i with a starting price of RMB 249,900, above the RMB 229,900 for the Model 3.

(Image credit: XPeng)

XPeng (NYSE: XPEV) today officially launched the P7i, a revamped version of its flagship sedan P7, in China in just four versions to avoid a repeat of the confusion caused by the flagship SUV G9's initial launch last September.

The company's WeChat post announcing the P7i's launch clearly lists the sedan's available variants and their corresponding prices, as well as the benefits the company is offering consumers.

The XPeng P7i is available in four versions -- 702 Pro, 702 Max, 610 Max Performance, and 610 Wing Edition -- with starting prices of RMB 249,900 ($35,890), RMB 269,900, RMB 289,900, and RMB 339,900, respectively.

This is higher than the Model 3 sedan's starting price of RMB 229,900 in China, although the Tesla model is only available in two versions in China, with the other version starting at RMB 329,900.

Consumers who reserve the XPeng P7i by April 30 will receive four years of free charging, up to 1,500 kWh per year, and they will also receive a free Dynaudio upgrade valued at RMB 6,000.

The model's show cars and vehicles for test drives are currently available at XPeng's experience centers, a tightly scheduled rhythm that differs from its previous approach.

The XPeng P7i will continue to be built on the regular 400 V platform, rather than the 800 V high-voltage platform used by the G9.

However, the P7i's maximum charging power has been increased from its predecessor's 90 kW to 175 kW, allowing it to charge from 10 percent to 80 percent in 29 minutes.

The Pro version of the XPeng P7i comes standard with one Nvidia Orin-X smart driving chip with 254 TOPS of computing power. The Max version of the model comes standard with two Orin-X chips as well as two LiDARs.

CnEVPost got an early look at the model at the end of January and learned from the event at the time that the P7i's LiDARs are set near the headlights as in the XPeng G9, and the supplier is RoboSense as in the G9.

The chip driving the in-car infotainment system in the XPeng P7i has been upgraded from the P7's Qualcomm Snapdragon 820A chip to the Snapdragon SA8155P.

The number in the model's name represents the CLTC range, which tops at 702 km.

The two versions of the XPeng P7i with a range of 702 kilometers are rear-drive single-motor, capable of accelerating from 0 to 100 kilometers per hour in 6.4 seconds. Its two versions with a range of 610 km are dual-motor four-wheel drive models and can accelerate from 0 to 100 km/h in 3.9 seconds.

For XPeng, the P7i will be the model that will be crucial to boosting sales.

The P7i's predecessor, the P7, was the XPeng's main seller for a long time, selling 59,066 units in 2022, contributing 49 percent of the XPeng's annual sales of 120,757 units, data monitored by CnEVPost show.

Notably, the XPeng P7i's launch comes at a delicate point in time, with Chinese car companies -- both internal combustion engine automakers and new energy vehicle (NEV) makers -- engaged in an unprecedented price war.

On January 6, Tesla sharply lowered the prices of all its China-made models in an attempt to boost demand for its electric vehicles in China, becoming the first automaker to publicly cut prices in the country.

On January 17, XPeng lowered the prices of all models except the G9, with the P7 receiving the largest price cut. After that, a number of other NEV makers also started to reduce prices or offer purchase discounts.

Prior to this month, it was mainly NEV makers that were openly offering price cuts and purchase incentives, but earlier this month, authorities in central China's Hubei province joined forces with a number of local car companies to offer subsidies, with some models offering subsidies of up to RMB 90,000.

also announced yesterday that consumers who order the BYD Song Plus lineup from March 10 to March 31 will receive an RMB 6,800 discount, or RMB 8,800 for the Seal.

While these purchase offers appear to be temporary promotions by car companies, they reflect the overall pressure the Chinese auto industry is currently facing and are bound to allow the impact to be magnified as more brands participate.

($1 = RMB 6.9638)

Regulatory filing: Here's what XPeng G6 SUV looks like and core specs

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CATL confirms it’s negotiating new prices with EV makers

's lithium sharing program is not for price reduction purposes, but rather the company already owns some mineral resources and doesn't want to reap windfall profits, its management said.

Last month it was reported that CATL was pushing a lithium rebate program to electric vehicle (EV) makers to drive down the cost of battery purchases for a handful of customers. Now, for the first time, the power battery giant has acknowledged the move.

CATL's lithium-sharing program is not for the purpose of lowering prices, but rather the company already owns some mineral resources and doesn't want to reap windfall profits, its management said Thursday.

The company released its 2022 annual report Thursday and held an investor call afterward in which its management made those comments, according to a meeting minutes it released today.

CATL hopes to be able to share with long-term strategic customers and is moving forward with relevant communications, the company said.

On February 17, local media outlet 36kr first reported on CATL's plan, saying it was not for all customers, but for several strategic customers including (NYSE: NIO), (NASDAQ: LI), and .

The core terms of the partnership include that CATL will settle a portion of the price of power battery supply with car companies at a rate of RMB 200,000 ($28,720) per ton of lithium carbonate for the next three years.

At the same time, automakers signing the partnership will be required to commit about 80 percent of their battery purchases to CATL, according to the report.

CATL did not confirm the report at the time, though Li Auto and NIO both mentioned the program in their respective subsequent earnings calls.

In response to the rumored new pricing arrangement, Li Auto and CATL were in negotiations, the EV maker said during an analyst call following the February 27 announcement of its fourth-quarter earnings.

Whether it's lithium price concessions or battery prices linked to raw materials, it would be good news if battery prices could be brought back to a rational range, Li Auto's management said.

Asked about the topic during a conference call on March 1, NIO's management said the company is also in the process of discussions with CATL.

"Of course, we will maintain a long-term strategic relationship with CATL, and we are discussing some new pricing mechanisms with them," said William Li, NIO founder, chairman and CEO.

Battery makers also recognize that they must share the price volatility of battery materials with car companies, Li said at the time.

Back at CATL, the company's annual report, released yesterday, showed it posted a 39 percent quarter-on-quarter increase in net profit in the fourth quarter and further improved gross margins to 22.57 percent.

CATL's management, when asked about the lithium industry overhaul in Yichun, Jiangxi, said it had essentially no impact on the company, and its projects there are moving forward as planned.

The overhaul is mainly aimed at correcting the chaos in local lithium mining, which is beneficial to compliant companies in the long run, CATL's management said.

In Yichun, nicknamed the "lithium capital of Asia," local lithium miners have shut down production for an industry-wide overhaul, Yicai reported on February 26.

Analysts fear that this may bring disruption to the lithium supply, thus halting the downward trend in lithium prices. But such fears have not materialized.

Lithium carbonate prices have continued to fall over the past two weeks, with battery-grade lithium carbonate falling to RMB 367,000 per ton on March 9 and industrial-grade lithium carbonate falling to RMB 332,500 per ton, both one-year lows.

($1 = RMB6.9643)

CATL reportedly cutting battery costs significantly for some clients including NIO, Li Auto

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CATL sees Q4 net profit up 39% QoQ, gross margin improves further to 22.57%

's capacity utilization was 83.4 percent in 2022, down from 95 percent in 2021.

CATL saw a solid performance in the fourth quarter, with its key businesses seeing strong growth.

The Chinese power battery giant achieved revenue of RMB 118.25 billion ($16.98 billion) in the fourth quarter, up 107.49 percent year-on-year and up 21.44 percent from the third quarter, according to its annual report released Thursday.

The company's net profit attributable to shareholders reached RMB 13.14 billion in the fourth quarter, up 60.64 percent year-on-year and up 39.49 percent from the third quarter.

CATL's gross margin further improved to 22.57 percent in the fourth quarter, up from 19.27 percent in the third quarter.

Previously, CATL's gross margin continued to decline in 2021, dropping to 14.48 percent in the first quarter of 2022 due to a large increase in battery raw material prices.

CATL's revenue for the full year 2022 was RMB 328.59 billion, up 152 percent year-on-year, and net profit was RMB 30.73 billion, up 92.89 percent year-on-year.

The company's gross margin in 2022 were 20.25 percent, a decrease of 6.03 percentage points from 2021.

CATL's revenue mainly comes from its power battery systems business, energy storage systems business and battery materials and recycling business.

Its power battery systems business generated revenue of RMB 236.6 billion in 2022, up 158.6 percent year-on-year, contributing 72 percent of the company's revenue.

CATL's actual battery systems capacity in 2022 was 390 GWh, up 128.9 percent year-on-year. It has 152 GWh of capacity under construction.

It had 325 GWh of battery system production in 2022, up 100 percent year-on-year, with full-year sales reaching 289 GWh, up 116.6 percent year-on-year.

It has a battery inventory of 70 GWh in 2022, up 75.2 percent year-on-year.

Notably, with rapid capacity expansion, CATL's capacity utilization rate was 83.4 percent in 2022, down from 95 percent in 2021.

CATL's energy storage systems business generated revenue of RMB 44.98 billion in 2022, up 230.16 percent year-on-year, contributing 13.69 percent of total revenue.

Its energy storage systems business saw a large decline in gross margin, which was 17 percent in 2022, 11.51 percentage points lower than in 2021, a much larger decline than other businesses.

This is because energy storage orders are mostly long-term orders, and compared to power batteries, energy storage batteries are more sensitive to price fluctuations, making it difficult to negotiate directly with customers for price increases in the short term.

CATL's battery materials and recycling business generated revenue of RMB 26.03 billion in 2022, up 94.7 percent year-on-year, contributing 7.92 percent of total revenue.

The battery materials and recycling business gross margin remained largely stable, declining only 2.36 percentage points to 21.23 percent in 2022.

Citi analyst Jack Shang said in a research note that CATL's reported results were in line with previous forecasts, and they are bullish on the company's strong pricing power and overseas customer channel as a leader in the battery industry.

Citi raised its earnings forecast for CATL by 4 percent for this year and 2 percent for next year to RMB 39 billion and RMB 49 billion, respectively, maintaining it as a top pick in the industry.

Citi expects CATL's battery sales could reach 402 GWh this year, up 39 percent year-on-year.

($1 = RMB 6.9648)

CATL's share in global EV battery market slips in Jan, BYD rises

The post CATL sees Q4 net profit up 39% QoQ, gross margin improves further to 22.57% appeared first on CnEVPost.

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