China's largest lithium battery producer Contemporary Amperex Technology Co. Limited (CATL) posted a 48.1-percent revenue growth in 2018, as a booming new energy vehicle (NEV) market drove up demand for its products.

Revenues totaled 29.6 billion yuan (4.4 billion U.S. dollars) last year, the CATL said in its preliminary financial results for 2018 filed to the Shenzhen Stock Exchange Thursday.

The fast growth in the NEV market spurred demand for power batteries in China, the company said.

The CATL is in partnership with a number of foreign and domestic carmakers, including BMW and Geely.

The NEV industry is a bright spot in a broader weak motor vehicle market in China, with annual NEV sales surging by 61.74 percent year on year to 1.26 million units last year.

Meanwhile, net profits attributable to its shareholders in 2018 fell by 7.7 percent year on year to 3.58 billion yuan, it said.

The CATL said the decline was mainly due to a higher base in 2017 when it received earnings from sale of a stake in a smaller power battery company.

Shares of the CATL closed 1.92 percent higher at 87.70 yuan Thursday in Shenzhen.