Chinese PV Industry Brief: Xinte Energy reports drop in profit for 2023

Chinese polysilicon manufacturer Xinte Energy has reported a lower full-year net profit for 2023 due to falling polysilicon prices.

Xinte Energy said it expects a net profit decrease for the year ending Dec. 31, 2023, based on its unaudited results. It will be in the range of CNY 4.2 billion ($582.2 million) to CNY4.4 billion, down approximately 67% to 68% compared to CNY 13.315 billion for the same period in 2022. It attributed the change to lower average selling prices of polysilicon, down by 60% compared to 2022. The company said it recorded a 90% increase in sales volume compared to the same period in 2022, with full utilization of its polysilicon production capacity.

Autowell has revealed plans for a joint venture with TT Vision Holding Berhad in Malaysia. The wholly owned subsidiary, Autowell (Singapore) Pte. Ltd, will spearhead this initiative, focusing on the production and sales of automation equipment. Autowell Singapore is set to invest $30.3 million and will secure an 85% stake in the joint venture, while TT Vision will contribute $5.35 million, for a 15% share in the company. Autowell is known for its cutting-edge automation systems covering the key components of the PV industry chain: rods, wafers, cells, and modules.

GSP Automotive Group, through its holding subsidiary GSP Dongchi, has unveiled plans to invest in a new semi-solid lithium iron phosphate battery construction project in Wenzhou, Zhejiang province. The total investment for this project is estimated to be around CNY 1.032 billion and will focus on the production of battery cells and storage systems. Upon completion, its annual production capacity is set to reach approximately 2.1 million battery cells. The products are designed for a range of applications, including household energy storage, industrial and commercial energy storage, as well as wind and solar energy. The company caters to the expanding market for large-scale energy storage solutions.

This post appeared first on PV Magazine.

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