China's major battery manufacturers reported skyrocketing profits during the first 10 months of this year, official data showed.
Profits of major battery companies hiked 48.4 percent year on year to 28.08 billion yuan (about 4 billion U.S. dollars) during the 10-month period, according to data from the Ministry of Industry and Information Technology.
Business revenues of major battery makers climbed 13.5 percent from a year earlier to 639.61 billion yuan.
Among the industry's staple products, lithium-ion batteries logged an output of 12.28 billion units during the period, up 1.8 percent year on year, while the output of primary batteries and battery packs reached 32.9 billion units, a 2.8-percent increase.
Major battery companies refer to those with an annual business turnover of at least 20 million yuan.
