SHANGHAI, Apr. 1 (SMM) – Tianneng Group – a leading lead-acid battery producer in China reported a loss of 305 million yuan ($49.7 million) in 2014, as battery prices fell sharply.
SMM understands that the intensifying price war and weak consumption in lead-acid battery market has caused profits of battery producers to fall in the past few years. Tianneng Group reported lower margins back in 2013 and went into red last year.
According to Tianneng’s annual report, selling prices of lead-acid battery have fallen by 4-9% last year.
In response to the severe loss, the company plans to march into motive lithium battery and mini electric car battery markets, as well as battery recycling business.
Another battery giant Chaowei Power also reported 28.95 million yuan of loss in 2014.
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