Contemporary Amperex Technology Co. Ltd. (CATL), the world's largest electric vehicle battery maker, has forecast a decline in revenue for 2024, citing falling raw material prices, including lithium carbonate, which have led to lower product prices. The company expects a revenue decrease of 8.7% to 11.2%, amounting to $48.6 billion to $50 billion. Despite this, CATL projects a net profit growth of 11.06% to 20.12%, reaching 49 to 53 billion yuan ($7.3 billion), though this marks its lowest profit growth since 2019. The announcement led to a 3.8% drop in CATL's stock on the Shenzhen Stock Exchange. This marks the first revenue decline for CATL since it began disclosing financial results in 2015. Lithium prices have dropped by 86% from their peak two years ago, impacting the company’s financial performance. CATL plans to release its full 2024 earnings on March 15. The company continues its global expansion, including plans for a fourth battery factory in Europe and a joint venture with Stellantis in Spain.