Mar 30, 2024 05:59 AM
BUSINESS
Lithium Miners Profits Plunge as Oversupply Rattles Industry
00:00/00:00
Listen to this article
1x
Subscribe now
Listen to the full version
Listen to the full version
Driven by a global EV boom, the spot price of lithium carbonate rocketed for almost two years to a record high of around 600,000 yuan ($85,530) per ton in late 2022
China's largest lithium producers have seen their profits sharply eroded in 2023 as prices of the mineral, a key material for producing batteries powering electric vehicles and renewable energy systems, continued to fall.
Ganfeng Lithium Group Co. (002460.SZ), China’s largest lithium salt producer, reported a 75.9% drop in net profit to 4.9 billion yuan ($678 million). Total revenue declined 21.2% to 33 billion, according to the company’s earnings release Friday.
You've accessed an article available only to subscribers
VIEW OPTIONS
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.
- RELATED
Share this article
Open WeChat and scan the QR code
- PODCAST
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新