China's Lithium Giants Plan Expansion Despite Profit Slump

China's top lithium companies, Tianqi Lithium Corp. and Ganfeng Lithium Group Co., are undeterred by a sharp drop in net income in 2023, driven by an over 80% plunge in prices. Despite the profit slump, both firms are determined to continue acquiring global reserves of lithium, a key battery material, and to increase production capacity. This strategic move comes as larger companies look through the current weakness in the market, focusing on the potential of increasing demand in the future.