News

Environment

Staff Reporter

, China

Published:

13 years ago

Sinovel expects halved profits from wind turbine sales

The wind will be blowing the wrong way for Sinovel Wind Group Company, China’s biggest wind-turbine maker.

Sinovel, also the world’s third largest wind-turbine maker, predicts its 2011 earnings to drop by over 50% due to stiffer competition at home and abroad that is depressing prices. It posted a profit of US$452 million in 2010.

Among Sinovel’s competitors are Vestas Wind Systems A/S of Denmark and Gamesa Corp. Technologica SA of Spain. Both have significantly cut costs to compete with Sinovel and other Chinese manufacturers.

Analysts said wind turbine makers worldwide are struggling against overcapacity and competitive pricing, as well as dwindling subsidies for renewable energy.

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