JinkoSolar announces manufacturing expansion in US despite trade war

JinkoSolar in Asia

JinkoSolar Holding CEO Kangping Chen announced the solar PV company’s growth plans despite setback in the US market due to the latest trade wars.

JinkoSolar announced its financial results in Q4 and 2017.

Q4 2017

# module shipments of 2,481 MW (+43.1 percent)

# revenues of $976.4 million (+24 percent)

# Gross margin of 11.6 percent

# Income from operations at $14 million

# Net income of $3.5 million

2017

# module shipments of 9,807 MW (+47.3 percent)

# revenues of $4.07 billion (+23.7 percent)

# Gross margin of 11.3 percent

# Income from operations at $50 million

# Net income of $21.8 million

“Our gross margin and bottom line have ample room for improvement in 2018 as a result of the decrease in raw material costs, our reduced use of OEM, and enhanced cost structure supported by technology and supply chain management initiatives,” JinkoSolar CEO Kangping Chen said.

Expansion plans

JinkoSolar said the global solar company has finalized plans to invest in the construction of an advanced solar module manufacturing facility in the southeastern United States to address local market demand.

“We will continue to invest in advanced manufacturing capacity overseas based on our global order book and market development. Emerging markets are becoming our growth driver, with demand from Latin America and Australia generating substantial growth momentum and the Middle East and African markets expected to rise in the coming year,” Kangping Chen said.

JinkoSolar said it optimized its mono wafer production costs and made substantial progress in crystalizing, cutting and argon recycling during the mono wafer production process.

JinkoSolar estimates solar module shipments will be 1.8 GW-2 GW in Q1 and 11.5 GW-12 GW in 2018.

Rajani Baburajan