Photo: IC Photo
Shenzhen-listed Tianqi Lithium, one of the world’s biggest lithium suppliers, is seeing its stock slide today after reporting weak earnings yesterday.
As of 11:00 a.m. Friday its stock was down nearly 2%.
The problem? Lithium prices themselves are falling.
In the Thursday report, first-half net profit for the company fell 85% year-on-year, as the price for lithium — used in EV car batteries — sputtered out.
Tianqi’s January-June net income was 193.4 million yuan ($27.30 million), compared to 1.31 billion yuan a year earlier, according to a stock exchange filing.
Revenue fell 21.3% to 2.6 billion yuan.
Contact reporter Tanner Brown (email@example.com)