CATL has posted a net profit of 20.7 billion yuan ($3.06 billion) for the first quarter of 2026, a figure that outstrips the combined earnings of seven of China's top automakers, according to a report from Sina Auto. The world's largest battery manufacturer achieved this milestone even as the electric vehicle market faces headwinds from the phase-out of government subsidies.

Data from China EV DataTracker shows that CATL's battery installations in China during Q1 2026 totaled 59.52 GWh, giving the company a 46.4% market share. That represents a year-over-year growth of 3.47%. The company's revenue for the quarter hit 129.13 billion yuan ($17.9 billion), which exceeds the combined full-year 2025 revenue of Li Auto, Nio, and Xpeng.

CATL's net profit attributable to shareholders for Q1 2026 came in at 20.7 billion yuan. This easily surpasses the combined single-quarter net profits of seven major Chinese automakers—Chery, Geely, BYD, SAIC, GWM, Seres, and Changan—which totaled approximately 17.5 billion yuan ($2.59 billion). Below is the breakdown of Q1 net profits for these companies:

  • CATL – 20.7 billion yuan ($3.06 billion)
  • Chery – 4.17 billion yuan ($617.1 million)
  • Geely – 4.16 billion yuan ($615.6 million)
  • BYD – 4.08 billion yuan ($603.8 million)
  • SAIC – 3.02 billion yuan ($446.9 million)
  • GWM – 945 million yuan ($139.8 million)
  • Seres – 754 million yuan ($111.6 million)
  • Changan – 351 million yuan ($51.9 million)

It is worth noting that CATL's net profit for the full year 2025 reached 72.2 billion yuan ($10.68 billion), exceeding the combined results of 13 A-share listed automakers that had already disclosed their earnings by that time. These financial results underscore CATL's dominant position in the supply chain of Chinese automakers, as the vast majority of them source batteries from the Ningde-based company.

Many car manufacturers have established joint ventures with CATL, including Geely and SAIC. The world's largest battery maker is also actively expanding its battery swap infrastructure across China. CATL's chairman, Dr. Robin Zeng, has previously noted that the industry is still years away from mass-producing solid-state batteries.