China’s power battery installed capacity in Oct. grow 28.3% YoY, 7.6% MoM

Shanghai (Gasgoo)- In October 2023, China's installed capacity of power batteries reached 39.2GWh, marking a year-on-year jump of 28.3% and a month-on-month growth of 7.6%, according to data by the China Automotive Power Battery Industry Innovation Alliance (CAPBIIA).

Among these, the ternary-lithium battery installed capacity was 12.3GWh last month, accounting for 31.4% of the total, and representing a year-on-year increase of 14% and a month-on-month rise of 0.8%. The lithium iron phosphate battery (LFP battery) installed capacity reached 26.8GWh, making up 68.5% of the total, and seeing a year-on-year growth of 36.4% and a month-on-month increase of 10.9%.

From January to October, China's cumulative installed capacity of power batteries reached 294.9GWh, with a year-on-year jump of 31.5%. To be specific, the ternary-lithium battery installed capacity accumulated to 93.9GWh, accounting for 31.8% of the total and reflecting a year-on-year increase of 6.7%. The year-to-date LFP battery installed capacity reached 200.7GWh, making up 68.1% of the total and showing a year-on-year surge of 47.6%.

In October, a total of 35 power battery companies in China saw their batteries installed onto new energy vehicles, five fewer than that of the same period last year. The top 3, top 5, and top 10 power battery companies accounted for 78.7%, 88.4%, and 97.8% of the total installation, with a volume of 30.8GWh, 34.7GWh, and 38.3GWh, respectively.

For the first ten months of 2023, a total of 48 power battery companies in China had their batteries installed onto complete vehicles, three companies fewer than that of the same period last year. The top 3, top 5, and top 10 power battery companies accounted for 80.4%, 88.8%, and 97.3% of the total installation, with a volume of 237GWh, 261.8GWh, and 287GWh, respectively.

In October, the total production volume of power and energy storage batteries in China reached 77.3GWh, with a slight month-on-month drop of 0.1% but a year-on-year jump of 23.2%.

BYD Blade Battery; photo credit: BYD

From January to October, the cumulative production of power and energy storage batteries in China amounted to 611GWh, with a year-on-year leap of 41.8%.

In addition, the total sales of power and energy storage batteries in China reached 75GWh last month, with a month-on-month growth of 4.7%. Among these, power battery sales were 61GWh, accounting for 81.4% of the total, and displaying a month-on-month increase of 1.5% and a year-on-year increase of 19.5%. Energy storage battery sales reached 13.9GWh, making up 18.6% of the total sales and showing a month-on-month increase of 21.9%.

For the first ten months of this year, the cumulative sales of power and energy storage batteries in China reached 557.6GWh. Power battery sales accumulated to 486GWh, accounting for 87.2% of the total year-to-date sales and showing a year-on-year leap of 37.1%. Energy storage battery sales reached 71.6GWh, making up 12.8% of the total volume.

In October, China exported a total of 14.5GWh of power and energy storage batteries. Among these, power battery exports were 11.5GWh, accounting for 78.9%, and indicating a month-on-month growth of 3.8% and a year-on-year surge of 34%. Energy storage battery exports were 3.1GWh, making up 21.1% of the totals and showing a month-on-month increase of 34.9%.

For the Jan.-Oct. period, China's cumulative exports of power and energy storage batteries China reached 115.7GWh. Power battery exports accumulated to 101.2GWh, accounting for 87.5% of the total export volume and showing a remarkable year-on-year surge of 105.4%. Energy storage battery exports reached 14.5GWh, making up 12.5% of the total exports.