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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-preview
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-EV-battery-swap-station
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-stock-2024-revenue
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-2024-revenue
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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Volvo sees MASSIVE growth in electric semi truck dealer network

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Volvo sees MASSIVE growth in electric semi truck dealer network

While other semi truck brands hide delays and missed deadlines behind press releases and fake updates, Volvo Trucks is busy cementing its position as the heavy-duty EV leader, thanks to great market share and a certified dealer network that’s seen 8,200% growth this decade.

Beginning with TEC Equipment in Fontana as the company’s only certified EV dealer in July 2021, Volvo Trucks’ BEV sales network has expanded quickly to 83 certified locations across 33 US states and four Canadian provinces, with four new dealer groups recently joining the program and another 13 rooftops currently in the certification pipeline. Those dealers have helped Volvo Trucks gain a leading position globally and maintain more than 30% market share in the North American electric truck segment over the past five years.

“Reaching this milestone is a testament to our customers’ commitment to sustainable transportation and our dealer network’s dedication to supporting them every step of the way,” explains Peter Voorhoeve, president, Volvo Trucks North America. “The path to zero emissions is shaped by market conditions, which are moving slowly. We remain committed to our vision to create a world we want to live in by using zero emissions solutions in combination with fuel efficient combustion engines with reduced climate impact. Solutions that will work for our clients where sustainability meets affordability.”

So far, those dealers have deployed over 700 battery electric semi trucks (out of 5,700 globally) that have logged more than 20 million zero-emission miles and eliminated an estimated 34,000 metric tons of CO2 – the equivalent of over 7,000 passenger cars.

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Electrek’s Take


Via Volvo Trucks.

I’m struggling to reconcile Volvo’s true net zero rhetoric and seemingly dedicated push towards progressive and sustainable business practices with the US branch’s recent attempts to weasel out of their deal with California and, more specifically, CARB. Volvo is a leader in this space, and they should also lead by example where it matters.

SOURCE | IMAGES: Volvo Trucks.


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Rivian’s ALSO announces lower $3,500 price for it’s fancy new e-bike

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Rivian's ALSO announces lower ,500 price for it's fancy new e-bike

ALSO, the electric bike spin-off from EV-maker Rivian, just dropped some welcome news: a more affordable version of the bike is coming. Officially called the TM-B, the new model will launch at $3,500, coming in a full $1,000 under the previously announced $4,500 TM-B Performance we saw last month.

While the Performance model leaned heavily into premium components and higher output, the new TM-B appears designed to bring the platform’s eye-catching design to a wider audience.

The TM-B includes much of the same design and basic feature set as the TM-B Performance, though the $1,000 lower price tag does come from the company filet-ing a few corners. The bike drops from the 10x assist of the Performance edition to just 5x assist (presumably meaning half the power, but it’s hard to say since e-bike companies generally don’t list power as a multiple of rider input). It also has a smaller battery, more basic coil spring shock instead of the nicer and lighter air shock, fewer ride modes, and doesn’t come with the same premium styling options.

The bike does retain ALSO’s interesting drive-by-wire solution though, which means that there isn’t a physical connection between the pedals and the bike. Instead, riders turn pedal cranks connected to a generator that converts pedaling energy into electrical energy to feed the rear wheel through a Gates carbon belt drive.

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Hydraulic disc brakes along with ABS-braking come standard on both models, and the cockpit includes a compact color display with app connectivity, offering basic ride metrics and configurable assist modes.

ALSO hasn’t committed to an exact delivery date, but reservations are now open.

Electrek’s Take

A $3,500 entry point is undeniably better news for fans of ALSO’s design language who weren’t ready to shell out $4,500. However, I still seem to be one of the few in the industry who are hesitant to believe there is a path to profitability here. Americans don’t buy $4,500 e-bikes, at least not in high volume, and they don’t really buy $3,500 e-bikes, either.

It’s not that the bike isn’t worth it – ALSO’s engineers should be commended for stuffing a crazy amount of tech and innovation into this bike. But it simply won’t matter when the bike doesn’t sell very many units and ALSO has to keep making payroll on its huge workforce comprised of many expensive engineers and other tech roles. It’s very close to the same playbook that we watched sink other tech-forward e-bike companies like VanMoof, which went bankrupt after it couldn’t keep up with servicing its expensive and proprietary e-bike tech while trying to float a massive workforce.

Frankly, I’m a bit confused. Most basic e-bike media seems to be going nuts over the thing, and I’m the only one pointing out that the king appears to be walking around naked.

Also, the timing here is… odd.

Good news usually gets announced on a Tuesday morning, not sent to us at 4:56 PM on a Friday, right as everyone logs off and heads into the weekend. The classic “Friday news dump” is where companies hide things they don’t want attention on – not where they brag about slicing $1,000 off the entry price of a new model. A head scratcher all around.

Either way, a lower-priced TM-B is objectively good news. The problem is, it might just be shouting into the wind.

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After 300 years of innovation, Husqvarna definitely dreams of electric sheep

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After 300 years of innovation, Husqvarna definitely dreams of electric sheep

Founded in 1689, Husqvarna was a musket maker for the king of Sweden – but now, the company best known for quirky motorcycles and commercial riding mowers is becoming an innovator in the field of robotics, and its latest fleet of electric autonomous mowers are eager to get grazing.

Husqvarna’s autonomous lawnmowers made history earlier this year at the AIG Women’s Open, when they became the first autonomous groundskeeping solution to see duty during a UK Major golf week.

“At the AIG Women’s Open, the Husqvarna portfolio is helping us deliver this goal through improved resource management, regular lightweight mowing and reduced carbon usage,” explains Royal Porthcawl’s Course Manager, Ian Kinley, who has championed the use of robotic technology at the course. “With the AIG Women’s Open set to be the largest-ever women’s sporting event in Wales, we know there’s tremendous pressure to produce playing surfaces that are worthy of such a high-profile event.”

The robots themselves operate a bit differently than Husqvarna’s traditional line of big, bad, zero-turn riding mowers that whip through thick grass once or twice a month with heavy, whirling blades. Instead, they employ a series of tiny razor blades that gently nibble at the grass daily – just like little electric sheep grazing on the turf.

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“That cutting system, developed by Husqvarna engineers, has then become the basis for the entire robot mower industry, of which we’re the market leader,” Nick Rawson, VP of Strategy and Business Development at Husqvarna told Forbes.

Events like the AIG Women’s Open are proving that the little robot Huskies can get the job done quietly, sustainably, and with significantly less operator input. As such, you’d think everyone at Husqvarna would be excited about them.

You’d be wrong. The company’s franchise dealers have been hesitant to push them forward, effectively putting the parent company in the position of going B2C, or going home.

“Dealers live and breathe the previous technology,” said Yvette Henshall-Bell, Husqvarna’s President of its Forest and Garden division for Europe, in that same Forbes piece. “They want to protect that servicing, that aftermarket revenue. Whereas if they really thought about what the customer’s problems are and the job to be done, they would be looking at a completely different solution.”

A solution, frankly, that looks a lot like a little robot mower.

The things, themselves


Autonomous mowers at Women’s Open; via Husqvarna.

Husqvarna offers three types of autonomous electric mowers aimed at commercial golf courses, but the Husqvarna CEORA for large-area mowing, and Husqvarna Automower, for smaller, steeper and more complex areas, are the models relevant to this story.

The bigger CEORA can handle up to 18 acres of ground twice each week, while the Automower, with its 80V battery and pinpoint precision EPOS (Exact Positioning Operating System) software, can handle another 2.5 acres. Both are fully electric, and can guide themselves back to their pens to recharge as needed.

Prices aren’t public, but the Husqvarna CEORA and Automowers are available as part of a custom lease package through Husqvarna Finance that will include access to the company’s customizable back end and ongoing support. Check with your local dealer for more.

Electrek’s Take


As a typically pro-union, pro-labor type of guy, I am hesitant to heap praise upon a robot taking away anyone’s job. That said, it does seem to be difficult for landscapers and construction crews to keep and find good labor at rates they can afford (and, let’s face it – the current Trump Administration isn’t going to be making that any easier). As such, if companies like Husqvarna and John Deere and Einride and others can build a demonstrably better mousetrap at a compelling price point … good for them. (?)

Let us know what you think in the comments.

SOURCES: Forbes, Golf Monthly; images by Husqvarna.


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