Vehicle batteries sit on display in the welcome center at a Contemporary Amperex Technology Co. Ltd site. (Qilai Shen/Bloomberg News)

Contemporary Amperex Technology Co. Ltd. posted record annual earnings for 2024, the strong financials further evidence of its commanding market position at a time some rivals are faltering.

The world’s biggest maker of electric vehicle batteries posted a 15% rise in net income to 50.7 billion yuan ($7 billion) for the 12 months ended Dec. 31, according to a statement March 14.

Analysts had expected a profit of 51.5 billion yuan. Sales fell 9.7% to 362 billion yuan, worse than analysts estimates for 372 billion yuan.

CATL’s earnings strength will help in an uncertain 2025. International growth looks more two-paced between China and the rest of the world while an increasing number of automakers are easing up on their electric transitions. A broader U.S. trade and tariff war with neighboring countries, traditional allies and foes could have far-reaching implications.

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Ningde, Fujian-based CATL represents a key part of the EV supply chain, and its customers include some of the world’s biggest carmakers like Tesla Inc.. It’s managing to outshine rivals during a period of pricing pressure on batteries thanks in part to its lineup of other products.

Revenue from CATL’s energy storage business came in at 57.3 billion yuan for the full-year period, versus analyst estimates of about 64.7 billion yuan. The Chinese company’s power battery gross margin was 23.9%, lower than the 28.2% market watchers were looking for.

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HSBC Holdings Plc analysts have said that CATL’s energy storage products should work to help offset weaker EV demand.

In the near term, meanwhile, CATL’s energy will be focused on an expected $5 billion blockbuster secondary listing in Hong Kong, with the cash being used to help pay for expansion in Europe, including a mammoth 100 gigawatt-hour factory in Hungary.

In terms of market share, CATL finished the year strongly, widening its control to almost 38%. BYD Co., which makes mostly batteries for its own cars, also increased its standing while LG Energy Solution Ltd. slipped.

CATL’s shares are down nearly 5% since a high in February after gaining 63% in 2024.