China’s annual power battery installed capacity jumps 32.6% YoY in 2023

Shanghai (Gasgoo)- In December 2023, China's installed capacity of power batteries reached 47.9GWh, marking a year-on-year jump of 32.6% and a month-on-month growth of 6.8%, according to data by the China Automotive Power Battery Industry Innovation Alliance (CAPBIIA).

Among these, the ternary-lithium battery installed capacity was 16.6GWh last month, accounting for 34.5% of the total, and representing a year-on-year surge of 44.9% and a month-on-month rise of 5.3%. The lithium iron phosphate battery (LFP battery) installed capacity reached 31.3GWh, making up 65.3% of the total, and seeing a year-on-year growth of 26.8% and a month-on-month increase of 7.5%.

In the year of 2023, China's cumulative installed capacity of power batteries reached 387.7GWh, with a year-on-year jump of 31.6%. To be specific, the ternary-lithium battery installed capacity accumulated to 126.2GWh, accounting for 32.6% of the total volume and reflecting a year-on-year increase of 14.3%. The year-to-date LFP battery installed capacity reached 261GWh, making up 67.3% of the total and showing a year-on-year surge of 42.1%.

In December, a total of 43 power battery companies in China saw their batteries installed onto new energy vehicles, two more than that of the same period last year. The top 3, top 5, and top 10 power battery companies accounted for 73.8%, 82.6%, and 94.8% of the total installation, with a volume of 35.4GWh, 39.6GWh, and 45.5GWh, respectively.

Throughout 2023, a total of 52 power battery companies in China had their batteries installed onto complete vehicles, 5 companies fewer than that of the same period last year. The top 3, top 5, and top 10 power battery companies accounted for 78.8%, 87.4%, and 96.8% of the total installation, with a volume of 305.5GWh, 338.6GWh, and 375.3GWh, respectively.

In December, the total production volume of power and other types of batteries in China reached 77.7GWh, with a slight month-on-month growth of 11.4% and a year-on-year spike of 48.1%.

From January to December, the cumulative production of power and other types of batteries in China amounted to 778.1GWh, indicating a year-on-year spike of 42.5%.

BYD Blade Battery; photo credit: BYD

In addition, the total sales of power batteries and other batteries in China reached 90.1GWh last month, with a month-on-month growth of 7.1%. Among these, power battery sales were 72.1GWh, accounting for 80% of the total, and displaying a month-on-month increase of 5.9% and a year-on-year growth of 38.2%. Other batteries’ sales reached 18GWh, making up 20% of the total sales and showing a month-on-month increase of 12.5%.

As for the whole-year performance, the cumulative sales of power and other kinds of batteries in China reached 729.7GWh. Power battery sales accumulated to 616.3GWh, accounting for 84.5% of the total annual battery sales and showing a year-on-year jump of 32.4%. Other batteries’ sales totaled 113.4GWh, making up 15.5% of the total volume.

In December, China exported a total of 19.4GWh power and other kinds of batteries, reflecting an 8.5% month-on-month increase and accounting for 21.6% of the country's total sales. Among these, power battery exports were 13.9GWh, indicating a month-on-month growth of 7% and a year-on-year leap of 48.4%. Other batteries' exports were 5.5GWh, showing a month-on-month growth of 12.6%.

For the Jan.-Dec. period in 2023, China's cumulative exports of power and other types of batteries reached 152.6GWh. Power battery exports accumulated to 127.4GWh, accounting for 83.5% of the total export volume and showing a remarkable year-on-year soar of 87.1%.