Chart of the day: On fast lane to growth
China’s new-energy vehicle industry remains one of the few fast-growing sectors this year, with shares in the companies staging a strong rally. Shenzhen-listed Jiangxi Ganfeng Lithium, a supplier of lithium products refined from ores of the metal for batteries for electric vehicles, has surged 245 per cent in 2017. Net income for the first nine months is expected to jump as much as 145 per cent from a year earlier, accelerating from 118 per cent in the first half, according to the company’s exchange filings. BYD, the country’s biggest maker of electric passenger cars with a 22 per cent market share, has advanced 38 per cent while EVE Energy, a maker of lithium batteries for new-energy cars, has gained 61 per cent. Sales of electric vehicles soared 38 per cent in the January-September period on government policy support, Northeast Securities said. The Ministry of Industry and Information Technology last month unveiled policies setting the minimum production volume of low-emission vehicles by domestic firms starting 2019.