One of China’s biggest lead battery manufacturers, the Chilwee Group, has said it expects to see first half-year profits “fall sharply” because of falling prices triggered by “overcapacity” in the domestic lead-acid sector.
Chilwee (also known as Chaowei) said in a Hong Kong Stock Exchange announcement estimated profits would be down in the first half of 2018 compared to the same period a year ago— but the company did not give figures.
Hong Kong-listed FDG Electric Vehicles has reportedly started the first-phase of construction of its EVs and batteries production facilities in Jianyang, in China’s Sichuan Province, according to the state Xinhua News Agency.
The total investment in the first phase of the project is CNY4 billion ($636 million), Xinhua said.
Chinese battery maker Narada Power has posted a 30% sales rise for 2017— which boosted net by profit by 16% over the previous year.
Narada said total revenue for the year was CNY8.63 billion ($1.37bn) and net profit increased to CNY381 million.
Another Chinese-South Korea investment deal has been done to produce lithium battery materials in China— in the latest sign of a thaw in economic tensions between the countries.
Chinese mining company Zhejiang Huayou Cobalt said its subsidiary, Huayou New Energy Technology, has signed a deal with South Korea’s LG Chem to launch two new joint venture companies at a total investment of some $645.6 million.