Chinese EV firms CATL and BYD surge ahead of rivals

China's battery giant Contemporary Amperex Technology Co. Limited (CATL) reported first‑quarter 2026 revenue of RMB 129.13 billion, a 52.5% year‑on‑year increase, and net profit of RMB 20.7 billion, which exceeded the combined quarterly profits of seven major Chinese automakers. The company is extending its role beyond battery cells into an integrated EV platform covering vehicle architecture, energy storage, fast‑charging, battery swapping, recycling and raw‑material supply, likened to an "Android‑like" operating system for the industry.

In the same period, electric‑vehicle maker BYD delivered 557,090 vehicles in the second quarter, surpassing Tesla's 480,126 deliveries and becoming the world’s largest EV producer. BYD’s volume slipped 8.2% year‑on‑year but its diversification into both battery‑electric and plug‑in hybrid models and strong overseas shipments—particularly to Western Europe and Southeast Asia—gave it an edge over the U.S.‑based Tesla.