Shanghai (ZXZC)- Jiangxi Ganfeng Lithium Co. Ltd. (Ganfeng Lithium), one of the world's top producers of automotive-grade lithium, announced earlier this week its revenue surged 233.91% year on year to roughly 5.365 billion yuan ($807.074 million) in the first quarter of 2022.

The robust growth in revenue should be greatly thanks to the rise in prices and sales volume of lithium salt products, said the company.

Photo credit: Ganfeng Lithium

In the first three months of the year, Ganfeng Lithium saw its net profit attributable to shareholders rocket 640.41% from a year earlier to about 3.525 billion yuan ($530.263 million). The quarterly net profit after deduction of non-recurring gains and losses even shoot up 956.4% to 3.103 billion yuan ($466.736 million).

The company also reported first-quarter basic earnings per share of 2.45 yuan ($0.37), versus 0.36 yuan ($0.054) for the prior-year period.

Regarding the headways in power battery production capacity, Ganfeng LiEnergy, a subsidiary of Ganfeng Lithium, saw its second phase of new-type lithium battery manufacturing plant in Xinyu, Jiangxi province start production on Jan. 22 this year. Covering a floorage of 330,000 square meters, the Xinyu base’s second phase is designed to feature an annual capacity of 10GWh.

In the same month, 50 Dongfeng E70 all-electric cars armed with Gangfeng LiEnergy's solid-state batteries were delivered for pilot operation, indicating a start for industrialization of solid-state batteries in China.