Jinko Solar Supplies 280 GW Of Solar Modules Globally Till Q3

Jinko Solar Supplies 280 GW Of Solar Modules Globally Till Q3

Global solar module manufacturer Jinko Solar claimed it supplied a massive 280 GW of solar modules in the first three quarters of 2024. The Chinese solar behemoth said that it became the world’s largest solar module supplier with this achievement.

The solar company put forth the information while discussing its Q3 earnings results. “At the end of the third quarter, we became the first module manufacturer in the world to have delivered a total of over 280 GW solar modules,” the company said in a media statement.

The company said that its N-type solar module shipments accounted for 90% of its module shipments globally in the third quarter. It also said that the mass production efficiency of its N-type TOPCon cells reached approximately 26.2%.

Taking about its leading space in the module business, the company said, “Leveraging our advantages in N-type TOPCon technology, competitive products, global marketing, and manufacturing footprint, our module shipments ranked first in the industry for both the third quarter and the first three quarters of the year.

Jinko Solar said that during Q3, the company shipped 25,910 MW of solar modules and 2,072 MW of solar cells and wafers. At a time when several solar module and cell companies in companies had been reporting losses and dips in revenues, the company also reported a dent in its revenues on a Year-on-Year (YoY) basis.

The company said that its total revenues stood at USD 3.49 billion, a 23% dip on YoY.  It reported a 44% surge in gross profit sequentially but on a YoY basis it reported a 37.1% dip in gross profit.

Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer said that the imbalance between supply and demand led to continuous price decline in the end market, causing losses to almost the whole industrial chain.

“While earnings were under pressure across the industry during the quarter, we achieved relatively outstanding results leveraging our leading position in N-type TOPCon technology, competitive products, as well as our global sales and manufacturing networks. The imbalance between supply and demand led to the continuous price decline in the end market, causing losses to almost the whole industrial chain,” he said.

He also added, “As we worked to balance utilization rates, shipments and profitability, prices in the third quarter were stable sequentially, and shipments to the U.S. increased significantly quarter-over-quarter. We also continued to optimize our integrated cost through technical advancements and supply chain management. Gross margin was 15.7%, and net income was $3.2 million, both improved significantly sequentially.