Hyperdrive
Top China Lithium Firms Look Past Profit Slump and Vow Expansion
- Tianqi and Ganfeng post sharp drops in 2023 net income
- Consolidation beckons as high-cost producers struggle
This article is for subscribers only.
Undeterred by slumping profits, China’s lithium giants are planning to grab a bigger slice of the market.
Tianqi Lithium Corp. and Ganfeng Lithium Group Co. reported sharp drops in 2023 net income last week after prices plunged more than 80% over the year. Both said they’ll continue to acquire global reserves of the key battery material and increase production capacity, as bigger firms look beyond near-term weakness to the promise of rising demand in the years to come.