China's major battery companies report soaring profits

2019-10-26
Xinhua

BEIJING — China's major battery manufacturers reported skyrocketing profits during the first eight months, official data showed.

Profits of major battery companies soared 45.1 percent year-on-year to 19.85 billion yuan (about $2.8 billion) during the period, according to data from the Ministry of Industry and Information Technology.

Revenues jumped 13.5 percent from a year earlier to 490.91 billion yuan.

Lithium-ion battery output hit 9.38 billion during the period, up 6.5 percent year-on-year, while output of primary battery and battery packs amounted to 26.02 billion, up 3.4 percent year-on-year.

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