Ford EV battery supplier and partner CATL is currently in a bit of hot water in the U.S., with government officials expressing concerns over the company’s alleged ties to the Chinese military. Regardless, at least for now, the future BlueOval Battery Park Michigan site will use licensed lithium iron-phosphate battery (LFP) technology from CATL to build those same units when it comes online in 2026, and Ford currently utilizes batteries from that same company in some of its EVs. Meanwhile, CATL is also dealing with a global slowdown in demand for EVs along with falling raw materials prices, which are negatively impacting its financials.
Last June, CATL managed to post a healthy profit gain as many of its competitors suffered losses, but the very next quarter, it faced a downturn as it fell short of meeting its net income target in Q3. Now, according to Reuters, CATL share prices dropped by four percent after the company revealed that its revenue declined by somewhere between 8.7-11.2 percent in 2024 via a securities filing. Much of this loss stems from price reductions taken by the company to account for falling prices of raw materials, which caused a drop in operating income, even as sales grew.
CATL doesn’t have to officially report its 2024 financial results until March, but this voluntary information reveals that the company suffered its first decline in revenue since it began releasing its operating figures back in 2015. Meanwhile, net profit grew between 11.1-20.1 percent in 2024 compared to 2023, which was also its slowest growth in that regard since 2019.
Despite this, CATL continues to forge ahead with its global expansion plans. As Ford Authority reported earlier this week, CATL expects to announce a new joint-venture EV battery plant in Europe very soon, a move that comes as it faces a number of uncertainties in the U.S. Previously, CATL was reportedly mulling the idea of erecting plants in the U.S. as well, but much of that hinges on potential policy changes moving forward.
A rather bold claim, indeed.
Providing multiple methods of protection for sensitive items.
The historic ride was donated to a museum in 2022.
It no longer expects major tariff impacts for the rest of the year.
The ICE model may not be dead, as previously expected.
Low-interest financing on the heavy-duty pickup truck.
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Who would want one? Ford can't even get 12V batteries right!
Certainly you could get everything right. I recommend Ford hire you right away.