Gree fined for faulty dehumidifiers

Chinese company that sold millions of faulty dehumidifiers to U.S. customers will pay $91 million for failing to tell regulators that the devices could overheat and could catch fire, federal prosecutors announced Friday.

Gree Electric Appliances, Inc. of Zuhai, China and its Hong Kong subsidiary entered into an agreement to avoid criminal prosecution, the U.S. attorney’s office announced. The firms also will provide restitution to victims for fire damage caused by the dehumidifiers.

Dong Mingzhu, Chairperson and President of Gree Electric Appliances,

Recently, Fortune China released a ranking of China’s 50 Most Influential Business Leaders in 2021. Dong Mingzhu, Chairperson and President of Gree Electric Appliances, rounding out the top 10, and she is the highest-ranking female entrepreneur on the list.

From a small factory with annual production value of only 20 million RMB to the world’s largest air conditioning company, Gree has grown into an international home appliances enterprise after more than 20 years of development

China’s three leading home-appliance giants Midea Group, Gree Electric, and Haier Electronics all reported third-quarter profit rises

China’s three leading home-appliance giants Midea Group, Gree Electric, and Haier Electronics all reported third-quarter profit rises in a series of Thursday stock filings, but the results present a mixed picture as the country’s economic slowdown exerts downward pressure on the domestic market.Shenzhen-listed Midea reported net profits of 6.04 billion yuan ($858.5 million) in the three months through September, representing a 23.5% increase year-on-year. Its revenue hit 67 billion yuan in the three months through September, 6.4% higher than last year.Over at Gree, whose business mainly focuses on air conditioners, growth was more sluggish. The Shenzhen-listed company posted 8 billion yuan in net profit — a rise of 0.66% year-on-year — and generated 57 billion yuan in revenue, a rise of just 0.03%.Meanwhile, Shanghai-listed Haier, which is staking its future on developing “smart home” technologies, turned a net profit of 2.6 billion yuan, more than double the equivalent figure from last year, and also reported a 7.7% rise in revenue to 148 billion yuan. The figures come after Haier jettisoned its logistics arm — bringing 4.6% revenue growth, according to the company — and earned 144 billion yuan from a stock selloff.Domestic sales of home appliances hit 174.5 billion yuan in the third quarter, a year-on-year increase of 4.2%, according to the China Testing & Inspection Institute for Household Electric Appliances, an organization affiliated to the country’s State Council.

Gree Electric robot barista

A robot barista, developed by Chinese home appliance producer Gree Electric Appliances, has captivated many visitors at this year’s World Robot Conference

The bright-colored robotic arm can make and serve coffee and even create latte art.

Photo taken on Aug. 23, 2019 shows a robot barista, developed by Chinese home appliance producer Gree Electric Appliances, exhibited at the 2019 WRC) in Beijing, capital of China. (Xinhua/Ren Chao)