26 Oct, 23

Profit At China’s Top Wind Firm Slumps 98% As Headwinds Abound

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Lower prices for turbines amid a price war in China have resulted in a 98% plunge in the net profit of the top Chinese wind turbine maker, Xinjiang Goldwind Science & Technology Co. While investments in renewable energy projects in China are booming, intensified competition has led to a race to the bottom for wind turbine prices—a race that has dented profits at the biggest Chinese manufacturer. Goldwind booked $1.28 million in net income for the third quarter of 2023, down by a massive 98% compared to the same period of 2022, a company…

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