China’s power battery installed capacity surges 41.2% YoY

Shanghai (Gasgoo)- In May 2024, China's installed capacity of power batteries reached 39.9GWh, representing a year-on-year surge of 41.2% and a month-on-month increase of 12.6%, according to data by the China Automotive Power Battery Industry Innovation Alliance (CAPBIIA).

Among these, the installed capacity of ternary batteries was 10.4GWh, accounting for 26% of the total, with a year-on-year increase of 14.7% and a month-on-month increase of 4.3%. The installed capacity of lithium iron phosphate (LFP) batteries was 29.5GWh, accounting for 74% of the total, with a year-on-year soar of 54.1% and a month-on-month increase of 15.8%.

From January to May of 2024, the cumulative installed capacity of power batteries in China reached 160.5GWh, marking a year-on-year jump of 34.6%. Among these, the cumulative installed capacity of ternary batteries was 51.1GWh, accounting for 31.9% of the total, with a year-on-year leap of 34.9%. The cumulative installed capacity of LFP batteries reached 109.3GWh, accounting for 68.1% of the total, with a year-on-year increase of 34.6%.

In May, the combined production of power batteries and other batteries in China was 82.7GWh, showing a month-on-month increase of 5.7% and a year-on-year jump of 34.7%. From January to May, the cumulative output of power batteries and other batteries in China totaled 345.5GWh, with a year-on-year growth of 39%.

In May, the sales volume of power batteries and other batteries in China was 77.9GWh, reflecting a month-on-month increase of 14.3% and a year-on-year spike of 40.7%. The sales of power batteries and other batteries accounted for 72.2% and 27.8% of the total, respectively. Compared with the previous month, the proportion of power batteries decreased by 2.8 percentage points.

For the first five months of the year, the cumulative sales of power batteries and other batteries in China amounted to 310.4GWh, with a year-on-year rise of 37.4%. Power batteries and other batteries made up 80.2% and 19.8% of the total, respectively. Compared with the same period last year, the proportion of power batteries decreased by 3.3 percentage points.

Blade Battery; photo credit: BYD

To be specific, in May, the sales volume of power batteries in China was 56.2GWh, with a month-on-month increase of 12.9% and a year-on-year increase of 12.9%. From January to May, the cumulative sales volume of power batteries in the country was 248.8GWh, marking a year-on-year growth of 24%.

In May, China exported a total of 13.8GWh of power batteries and other batteries, reflecting a month-on-month increase of 8.6% and a year-on-year increase of 16.7%. Power batteries and other batteries accounted for 71% and 29% of the total exports, respectively. Compared with the previous month, the proportion of power batteries increased by 0.1 percentage points. The total export volume accounted for 17.7% of the overall monthly battery sales.

In the Jan.-May period, China's cumulative export volume of power batteries and other batteries reached 55.3GWh, marking a year-on-year growth of 8.1%. Power batteries and other batteries held 84.9% and 15.1% of share, respectively. Compared with the previous month, the proportion of power batteries decreased by 4.5 percentage points. The total export volume made up 17.8% of the overall year-to-date battery sales.

In May, China exported 9.8GWh of power batteries, reflecting a month-on-month increase of 8.9% but a year-on-year decrease of 13.1%. From January to May, the country's cumulative export volume of power batteries reached 46.9GWh, with a year-on-year growth of 2.9%.