China's battery makers report spike in Q1 revenue, profit

BEIJING -- China's major battery manufacturers saw rapid growth in revenue and profit in the first quarter (Q1) of the year, official data showed.

Profits of major battery companies surged 420.2 percent year on year to 13.12 billion yuan ($2.03 billion) in the period, according to the Ministry of Industry and Information Technology (MIIT).

Business revenues of major battery manufacturers rose 73.3 percent from a year earlier, totaling 223.91 billion yuan, MIIT data showed.

Among the industry's staple products, lithium-ion batteries logged an output of 4.79 billion units during the period, soaring 83.4 percent year on year, and the output of primary batteries and battery packs reached 10.05 billion units, up 33 percent year on year.

Major battery companies have annual business turnover of at least 20 million yuan.