Car battery manufacturers see losses, cite lower subsidies

Major Chinese automobile-related electric battery firms reported annual losses in 2017, though upstream material producers made handsome profits.

Analysts anticipate tougher years for the battery segment amid a glut of capacity and the phasing out of subsidies for the sector.

Raw material companies mainly producing lithium and cobalt registered significant growth last year, according to their recent annual reports. For instance, the net income of Jiangxi Ganfeng Lithium Co Ltd rose by 216 percent year-on-year to 1.47 billion yuan ($232.9 million).