Lithium Miners Profits Plunge as Oversupply Rattles Industry

China's largest lithium producers have seen their profits sharply eroded in 2023 as prices of the mineral, a key material for producing batteries powering electric vehicles and renewable energy systems, continued to fall.

Ganfeng Lithium Group Co. (002460.SZ), China’s largest lithium salt producer, reported a 75.9% drop in net profit to 4.9 billion yuan ($678 million). Total revenue declined 21.2% to 33 billion, according to the company’s earnings release Friday.