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Benzinga
Benzinga
World
Rachit Vats

Tesla Battery Supplier CATL's Stock Tumbles As Profit Falls 24% On High Raw Material Costs

Contemporary Amperex Technology Co, Ltd’s (CATL) shares plunged 12% in early trading on Thursday on the Shenzhen Stock Exchange, CnEVpost reported on Thursday.

What Happened: CATL, which supplies batteries to Tesla Inc (NASDAQ: TSLA) and Xpeng Inc (NYSE: XPEV), last week posted a significant drop in quarterly earnings due to higher input costs.

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