CATL, China's largest power battery maker, saw its third-quarter net profit slump from the second quarter, as it continued to lose share in its home market.
CATL posted revenue of RMB 105.43 billion in the third quarter, up 8.3 percent from a year earlier and up 5.2 percent from the previous quarter, according to its financial report.
The company reported net profit of RMB 10.43 billion in the third quarter, up 10.7 percent year-on-year but down 4.3 percent from the second quarter.
It saw a gross margin of 22.42 percent in the third quarter, up 0.46 percentage points from the second quarter and significantly lower than its gross margin of nearly 30 percent for most of 2020 through 2021.
CATL remains the world's largest power battery maker, with a 36.9 percent global share in the January-August period, the only one above 30 percent, according to South Korean market researcher SNE Research.
However, CATL's share in China has slipped since the end of last year, falling to 39.41 percent in September, a new low since April last year.
That's likely due to smaller rivals eating into its share at a time of overcapacity in power batteries.
CATL's capacity utilization rate for battery systems fell to 60.5 percent in the first half of the year, down from 81 percent in the same period last year.
CATL's bargaining power has slipped as prices for key raw materials for batteries plummeted amid overcapacity and increasingly fierce competition.