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Tianqi Lithium Stock Down 2% After Damning H1 Report

By Tanner Brown / Aug 23, 2019 11:03 AM / Business & Tech

Photo: IC Photo

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 (tannerbrown@caixin.com)

Related: Lithium Industry Buildup Is Outpacing the Electric-Car Boom

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