Top China Lithium Producers Vow to Press Through Profit Slump

(Bloomberg) — Undeterred by slumping profits, China’s lithium giants are planning to grab a bigger slice of the market.

Tianqi Lithium Corp. and Ganfeng Lithium Group Co. Ltd. reported sharp drops in 2023 net income last week after prices plunged more than 80% over the year. Both said they’ll continue to acquire global reserves of the key battery material and increase production capacity, as bigger firms look beyond near-term weakness to the promise of rising demand in the years to come.