China’s battery makers report higher profits

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China’s major battery manufacturers reported rapid growth in profits and revenues in the first eight months of the year, official data showed.

Profits of major battery companies expanded 66.1 percent year on year to 33.13 billion yuan (about 5.2 billion U.S. dollars) in the January-August period, according to the Ministry of Industry and Information Technology (MIIT).

Business revenues of major battery makers stood at 662 billion yuan during the period, up 47 percent from a year earlier, MIIT data showed.

Among the industry’s staple products, lithium-ion batteries logged an output of 14.6 billion units, up 38.7 percent year on year, while the output of primary batteries and battery packs climbed 7.2 percent year on year to 27.57 billion units.

Major battery companies refer to those with an annual business turnover of at least 20 million yuan.—Xinhua

 

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