Contemporary Amperex Technology Co. Ltd. reported quarterly net income well short of analyst estimates as the global slowdown in electric vehicle sales starts to bite.

While net income for the third quarter ended Sept. 30 rose 26% to 13.1 billion yuan ($1.8 billion) versus the same period last year, that was a lot lower than the 14.7 billion yuan expected. Revenue shrank 12.5% to 92.3 billion yuan year-on-year, sharply down on projections for 118.4 billion yuan.