JinkoSolar ships 78.5GW of PV modules in 2023, up 76.4% YoY

In 2024, JinkoSolar will focus on ramping up its vertically integrated plant in Shanxi, China. Image: JinkoSolar.

Solar manufacturer JinkoSolar ended 2023 with 78.5GW of solar modules shipped, up 76.4% year-over-year.

In the fourth quarter of the year the company shipped 26.3GW of solar modules – a quarterly increase from the 21.2GW registered in Q3 2023 – and 1.5GW of solar cells and wafers, up 67.7% from the same period in 2022. Shipments for cells and wafers in 2023 reached 5GW. The year-on-year growth of module shipments helped the company regain the top spot for global module shipments in 2023.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Continuing its shift towards n-type technology, the company had exceeded 70GW of n-type capacity by the end of Q4 2023. The mass production of Jinko’s n-type tunnel oxide passivated contact (TOPCon) cell efficiency exceeded 26%, while the integrated cost of n-type products are nearly on par with p-type products, explained David Lee, chairman and CEO at JinkoSolar.

The first two phases of JinkoSolar’s vertically integrated Shanxi plant in China are expected to gradually start production in the first half of 2024, and ramp up production in the second half of the year. Once fully operational, the Shanxi plant will have an annual nameplate capacity of 56GW and will cover the production from ingots to solar modules.

“This innovative production model relying on fully integrated automation will greatly improve efficiency in labor and operational processes and is expected to bring a significant reduction in operating costs once we reach full production,” said Lee.

In its forecast for Q1 2024, the company expects to ship between 18-20GW of PV modules, while for the full year of 2024 shipments should range between 100-110GW, of which 90% are expected to be n-type modules.

JinkoSolar aims to have an annual production capacity of 120GW, 11GW, and 130GW for mono wafers, solar cells, and PV modules, respectively, by the end of 2024. Similar to the shipment figures, 90% of the production capacity is expected to be for n-type production. “By then, we believe mass-produced N-type cell efficiency will have reached 26.5%,” said Li.

Reduced investment in capacity expansion

Despite the current progress in the vertically integrated plant in Shanxi, the company will reduce investment in capacity expansions in 2024, due to the current supply chain and market conditions. The focus will remain on expanding the company’s n-type capacity with the 28GW vertically integrated plant in Shanxi and nearly 4GW of annual nameplate n-type cell and module capacity in Vietnam.

“We expect the decline in module prices to significantly improve the economics of solar energy industry in the short-to-mid-term, and we anticipate demand in the global PV market to continue to increase in 2024. Meanwhile, rapid iterations of new technologies and the elimination of obsolete production capacity will also accelerate the consolidation of the industry,” said Li.

In an interview with PV Tech Premium last month, Lee said he remained “bullish” amid a looming industry downturn driven by fierce competition among module manufacturers.

Increased shipment boost results

Total revenues during Q4 2023 were up by 9.4% YoY with RMB32.83 billion (US$4.62 billion), due to the increase in shipments of PV modules in line with the global growth in demand and record installation of solar PV last year with 444GW. A trend that is expected to continue in 2024 with BloombergNEF estimating up to 665GW of PV capacity for this year.

“As module prices fell more than expected in the fourth quarter and nearly 50% of our modules were sold to the Chinese market at lower prices, gross margin for the fourth quarter decreased significantly to 12.5% from 19.3% in the third quarter,” said Lee.

For the entire year of 2023, JinkoSolar had revenues of RMB118.68 billion, up 42.8% from 2022’s results.

21 May 2024
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 21-22 May 2024, will be our third PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2025 and beyond.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Sydney, Australia