BEIJING — China's major battery manufacturers reported lower profits and revenues during the first five months of this year, official data shows.
Profits of major battery companies decreased by 7.7 percent year-on-year to 9.46 billion yuan (about $1.34 billion) during the five-month period, according to data from the Ministry of Industry and Information Technology.
Business revenues of major battery makers were 11.5 percent lower from a year earlier, totaling 249 billion yuan.
Among the industry's staple products, lithium-ion batteries logged an output of 5.51 billion units during the period, down 1.2 percent year-on-year.
Major battery companies are those with an annual business turnover of at least 20 million yuan.