The world’s largest EV battery maker warned that it expects to report less revenue in 2024 than the previous year, sending share prices down on Wednesday. CATL (SHE: 300750) stock dipped after its 2024 Annual Performance Forecast was released. Here’s a preview of CATL’s financials for last year.
CATL stock falls on lower 2024 revenue expectations
CATL released the forecast in a filing with the Shenzen Stock Exchange late Tuesday, previewing its full-year 2024 financials.
The battery giant expects annual revenue of between RMB 356 billion ($48.9 billion) and RMB 366 billion ($50.3 billion), suggesting an 11.20% to 8.71% decrease from 2023. This would mark CATL’s first time reporting lower annual revenue than the year before.
CATL said that although sales volume was up, the lower expectations were due to falling raw material prices, including lithium carbonate. Despite this, the company still expects to post annual net income of RMB 49 billion ($6.7 billion) to RMB 53 billion ($7.3 billion), which would be up 11.06% to 20.12% from 2023.
Excluding non-recurring gains and losses, CATL expects net profit attributable to shareholders between RMB 44 billion ($6 billion) and RMB 47 billion ($6.5 billion), up 9.75% to 17.23% from 2023.
CATL 2024 revenue and net income forecast (Source: CATL/ Shenzhen Stock Exchange)
CATL said the higher net profits were “mainly due to the company’s technological research and development capabilities.” It also said the competitiveness of its products continues to increase.
After launching a series of new products and technology while expanding its partnerships last year, CATL expects “steady growth” in performance.
CATL Choco-Swap EV battery swap station (Source: CATL)
Just yesterday, a local report from Jieman claimed CATL expected to announce plans for yet another EV battery plant in Europe as it expands its global reach. The new facility would be in addition to the one revealed last month with Stellantis and CATL’s fourth in Europe.
According to SNE Research, CATL remained the world’s largest EV battery maker, commanding 36.8% of the global market through the first 11 months of 2024.
CATL launches new Bedrock Chassis (Source: CATL)
CATL launched its new Bedrock Chassis last month, which it calls “the world’s first ultra-safe” EV skateboard chassis. It’s also aggressively expanding its EV battery swap plans with a new line of Choco-SEB batteries, which make swapping even quicker than filling a gas tank (within 100 seconds).
CATL stock chart January 2023 through January 2024 (Source: TradingView)
Despite the confidence and higher net profits, CATL’s stock slipped around 2% on Wednesday following the lower revenue expectations.
CATL shares are still up nearly 70% over the past 12 months, as the EV battery leader launched new products and expanded its global market lead.
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It looks like electric motorcycle influencer Surronster has landed himself in trouble south of the border, based on an arrest video posted to his social media channels.
A heavily edited video posted on his Instagram page shows the controversial rider in handcuffs being led into a police vehicle by officers in Tijuana, Mexico. The reel appears to have been filmed by a companion in the influencer’s entourage. No additional context was provided in the post, and at the time of writing, details surrounding the arrest remain unclear.
The incident comes just two days after the influencer posted another update to his social media showing that he was being denied entry into Mexico with his Sur Ron electric off-road motorcycle loaded in the bed of his truck.
In the more recent clip, the Tijuana Municipal Police appear to be questioning him and an associate before handcuffing them both. An officer is seen starting to remove the influencer’s helmet, then the clip jumps to a shot of the influencer entering the back of the police truck, edited to avoid showing his unhelmeted face. Surronster has long concealed his identity, always being filmed while wearing a full-face dirt bike helmet.
Surronster has gained a large following online by pushing the limits of electric motorcycles – especially the Sur Ron Light Bee and similar lightweight electric dirt bikes. His content often shows him performing stunts, riding in traffic without a license plate, and usually on electric dirt bikes that are not street legal for use on public roads. His 1M+ following is comprised mainly of young male viewers in their teens and twenties, with many attempting to imitate the riders’ style and stunts. He has risen to become one of the leading influencers in the electric motorbike industry, all while promoting a rebellious image and racking up millions of views on social media.
That notoriety has earned him plenty of fans, but also a long line of critics. Many in the e-bike and e-moto community have called out the influencer for encouraging illegal and unsafe behavior that risks drawing increased regulation and public backlash against electric two-wheelers, not to mention the danger to young riders who may attempt to recreate his stunts. Others defend him as a thrill-seeking entertainer similar to traditional motorsport stunt riders.
A large proportion of his videos feature illegal riding activities, but his strict control over his anonymity has meant that he has effectively operated with impunity. But getting arrested in a foreign country is a serious matter, and it remains to be seen what charges – if any – he’ll face. At the time of publishing, the Tijuana Minicipal Police have not responded to a request for comment.
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Clean energy jobs surged in 2024, growing more than three times faster than the rest of the US economy and adding nearly 100,000 new positions. That brought the total clean energy workforce to 3.56 million people, according to the 10th annual Clean Jobs America report from E2.
But growth slowed compared to 2023. Amid policy uncertainty and an overall cooling economy, clean energy jobs expanded at their slowest pace since 2020, with about 50,000 fewer new jobs than the year before.
Even so, the sector still outpaced the broader economy. Solar, wind, batteries, energy efficiency, storage, and grid jobs made up more than 7% of all new US jobs last year and 82% of new energy jobs. Clean energy also takes a bigger share of the overall workforce: it now accounts for 42% of all US energy jobs and 2.3% of the total workforce. More people work in clean energy today than as nurses, cashiers, restaurant servers, or preschool through middle school teachers.
The report lands as the clean energy industry faces major headwinds. Federal policy moves have canceled projects, revoked tax credits, and added new regulatory hurdles targeting solar, wind, EVs, and more. While not yet reflected in 2024’s numbers, those actions are already hitting jobs hard. E2 found that since January 2025, companies have canceled more than $22 billion worth of clean energy factories and projects that would have created 16,500 jobs. Other analyses warn that more than 830,000 jobs could vanish under Trump’s big bill, signed on July 4.
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“This was one of the hottest and most promising job sectors in the country at the end of 2024,” said E2’s executive director Bob Keefe. “Now, clean energy job growth is at serious risk – and with it, our overall economy.”
Clean energy and EV jobs have added more than 520,000 positions over the last five years, a 17% increase. That’s far more growth than fossil fuels, ICE vehicle manufacturing, or the economy overall. In fact, over the past five years, clean energy companies have added jobs 60% faster than the rest of the US economy.
Energy efficiency remains the largest employer in the sector, with nearly 2.4 million workers after adding 91,000 jobs last year. Renewable generation jobs reached 569,000 (+9,000 in 2024), while clean vehicle jobs totaled 398,000. The clean vehicle sector shrank by 12,000 jobs in 2024 due to an industry-wide decline across all vehicle sectors, but employment is still up 52% since 2020.
Regionally, the South is leading the way. More than 1 million clean energy workers are based there, and the South added 41,000 jobs in 2024. The West and Northeast each added over 20,000 jobs, and the Midwest added 13,000. At the state level, 23 states now have at least 50,000 clean energy jobs, and in all but eight states, clean energy employment outnumbers fossil fuel jobs.
“Every year, clean energy jobs become more intertwined and critical to our overall economy,” said Michael Timberlake, E2’s director of research and publications. “These jobs are now a vital anchor of America’s energy workforce. The strength of the US job market and the future of our energy economy are now inseparable from the growth of clean energy.”
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Genesis is turning 10, and it’s celebrating with a few big surprises. The rising luxury brand is rolling out a slate of new hybrids and EVs, including an ultra-luxe flagship SUV and off-roader.
Genesis gears up for new EVs, hybrids, and EREVs
Hyundai’s luxury brand has quickly emerged as a dark horse in the luxury market. Genesis is celebrating its 10th anniversary with a bang.
By 2030, the brand aims to sell 350,000 vehicles annually. Genesis is launching a new lineup, including its first hybrid, a new flagship SUV, an off-roader, and several performance vehicles.
Hyundai confirmed during its CEO Investor Day on Thursday that Genesis will launch several new models soon, including new EVs, hybrids, and extended-range vehicles (EREVs).
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Genesis will launch its first hybrid in 2026, followed by EREVs shortly after. At least two new SUVs are set to join the lineup, a full-size flagship model and an off-roader.
Hyundai said the new luxury SUVs will be based on the Neolun and X Gran Equator concepts. Although we have yet to learn all the details, the Neolun is expected to arrive as the GV90, an “ultra-luxe,” full-size flagship electric SUV. The X Gran Equator concept is a more rugged, luxury off-road SUV.
Genesis Neolun ultra-luxury electric SUV concept (Source: Genesis)
Genesis plans to expand the brand into up to 20 European markets while strengthening its presence in the US. Those in the US will see the first hybrid Genesis vehicles roll out, starting in 2026.
Genesis X Gran Equator Concept (Source: Genesis)
The luxury brand will also launch its first EREV, which Hyundai promises will deliver over 600 miles of range by using a battery and a gas engine that acts as a backup generator.
Genesis is entering “the realm of high-performance vehicles” with its new Magma brand. The first performance model, the GV60 Magma, will arrive later this year.
Genesis GV60 Magma testing with other Magma vehicles (Source: Genesis)
In under eight years, the Genesis brand sold a total of over 1 million vehicles. Over the next few years, it’s betting on new EVs, hybrids, advanced tech, sleek designs, and more to solidify its position in the luxury space.
Hyundai is also launching new vehicles across nearly all powertrains and segments. Check out our recap of Hyundai’s CEO Investor Day to see what’s coming.
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