SHANGHAI, Nov. 12 (SMM) – Camel Group, China’s leading lead-acid battery producer, reported a slip of 20% in net profit during the first three quarters of this year, SMM learnt.
Battery sales were hurt by the slack demand in auto market. Auto production and sales came at 17.09 million and 17.06 million during January-September, respectively, accumulatively slipping 0.8% YoY and 0.3% YoY.
Sluggish demand, battery oversupply and persisting price wars all led to declines in net profit. Price wars persisted in auto market in the first three quarters. The average price of 6-QW-60Ah batteries stood at 265 yuan in September, down 12% from 300 yuan a year earlier.
The company halted some sales promotion in October and will suspend all promotion in November.
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