China’s power battery installed capacity in Jan. 2024 shoots up 100.2% YoY, but falls 32.6% MoM

Shanghai (Gasgoo)- In January 2024, China's installed capacity of power batteries reached 32.3GWh, marking a year-on-year spike of 100.2%, but showing a month-on-month decrease of 32.6%, according to data by the China Automotive Power Battery Industry Innovation Alliance (CAPBIIA).

Among these, the ternary-lithium battery installed capacity was 12.6GWh last month, accounting for 39% of the total, representing a year-on-year surge of 131.9%, but facing a month-on-month decline of 23.9%. The lithium iron phosphate battery (LFP battery) installed capacity reached 19.7GWh, making up 60.9% of the total, seeing a year-on-year hike of 84.2%, but a month-on-month drop of 37.1%.

In January, a total of 38 power battery companies in China saw their batteries installed onto new energy vehicles, three more than that of the same period last year. The top 3, top 5, and top 10 power battery companies accounted for 73.4%, 82.8%, and 95.7% of the total installation, with a volume of 23.7GWh, 26.7GWh, and 30.9GWh, respectively.

In January, the total production volume of power and other types of batteries in China reached 65.2GWh, with a month-on-month decline of 16.1%, but a year-on-year soar of 68%.

BYD Blade Battery; photo credit: BYD

In addition, the total sales of power and other kinds of batteries in China reached 57.1GWh last month, with a month-on-month plunge of 36.6%, but a year-on-year surge of 72%. Among these, power battery sales were 50.4GWh, accounting for 88.2% of the total, displaying a month-on-month decline of 30.1%, but a year-on-year hike of 82.3%.

In January, China exported a total of 8.4GWh power and other types of batteries, reflecting a 56.9% month-on-month slump and accounting for 14.7% of the country’s total power battery sales. Among these, power battery exports were 8.2GWh, indicating a month-on-month tumble of 41.2%, but a year-on-year growth of 9%.