CBAK Energy Technology, Inc. Reports Earnings Results for the Full Year Ended December 31, 2023
March 15, 2024 at 10:04 am
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CBAK Energy Technology, Inc. reported earnings results for the full year ended December 31, 2023. For the full year, the company reported sales was USD 204.44 million compared to USD 248.73 million a year ago. Net loss was USD 1.02 million compared to USD 9.45 million a year ago.
CBAK Energy Technology Inc is a China-based investment holding company. The Company primarily operates through two segments. The CBAK's segment mainly includes the manufacture, commercialization and distribution of a wide variety of standard and customized lithium ion rechargeable batteries for use in a wide array of applications. The Hitrans' segment mainly includes the development and manufacturing of NCM precursor and cathode materials. The Company's products are sold to packing plants operated by third parties primarily for use in mobile phones and other electronic devices. Its products are used in various applications, including electric vehicles (EV), such as electric cars, electric buses, hybrid electric cars and buses and light electric vehicles (LEV), such as electric bicycles, electric motors and sight-seeing cars, and electric tools, energy storage, uninterruptible power supply (UPS), and other high power applications.