China’s power battery installed capacity jumps 33.7% YoY in H1 2024

Shanghai (Gasgoo)- In June, China's installed capacity of power batteries reached 42.8GWh, a year-on-year jump of 30.2% and a month-on-month increase of 7.3%, according to data by the China Automotive Power Battery Industry Innovation Alliance (CAPBIIA).

Among the batteries installed last month, ternary batteries accounted for 11.1GWh, representing 25.9% of the total installed capacity, with a year-on-year growth of 10.2% and a month-on-month growth of 7.3%. Lithium iron phosphate (LFP) batteries accounted for 31.7GWh, making up 74% of the total, showing a year-on-year leap of 39.3% and a month-on-month growth of 7.4%.

In June, a total of 40 power battery companies in China's new energy vehicle market had batteries installed onto vehicles, a decrease of 3 companies compared to the same period last year. The top 3, top 5, and top 10 companies accounted for 32.9 GWh, 36 GWh, and 41.1 GWh, respectively, representing 76.7%, 84.1%, and 95.9% of the total installed capacity. The share of the top 10 companies was 1.3 percentage points fewer than the prior-year period.

From January to June, China's cumulative installed capacity of power batteries was 203.3GWh, a year-on-year jump of 33.7%. Of this, ternary batteries totaled 62.3GWh, accounting for 30.6% of the total, with a year-on-year growth of 29.7%. LFP batteries totaled 141GWh, accounting for 69.3% of the total, with a year-on-year growth of 35.7%.

For the Jan.-Jun. period, a total of 50 power battery companies in the Chinese new energy vehicle market offered battery installations onto vehicles, an increase of 2 companies over the same period of last year. The top 3, top 5, and top 10 companies accounted for 157.6 GWh, 173.3 GWh, and 195.3 GWh, respectively, representing 77.5%, 85.2%, and 96.1% of the total installed capacity.

In June, driven by the blooming new energy vehicle market, the combined production volume of power batteries and other batteries in China was 84.5GWh, edging up 2.2% over the previous month and rising 28.7% over the previous year.

Blade Battery; photo credit: BYD

For the first half of 2024, the cumulative output of power batteries and other batteries in China was 430GWh, growing 36.9% from the year-ago period.

In June alone, the sales of power batteries and other batteries in China totaled 92.2GWh, a month-on-month increase of 18.4% and a year-on-year surge of 51.2%. Among these, power battery sales were 69.3GWh, a month-on-month increase of 23.3% and a year-on-year increase of 37%. Power batteries accounted for 75.2% of the total sales, rising by 3 percentage points from the previous month.

For the first six months of the year, the cumulative sales of power batteries and other batteries in the country amounted to 402.6GWh, soaring 40.3% over a year earlier. Among these, power batteries recorded a sales volume of 318.1GWh, showing a year-on-year growth of 26.6% and taking up 79% of the total battery sales, which dropped 1.2 percentage points from a year ago.

In June, driven by an increase in the export volume of other batteries, China’s combined export of power batteries and other batteries was 18.4GWh, a month-on-month jump of 33.9% and a year-on-year spike of 67.8%, accounting for 20% of the monthly overall sales. Among these, power battery exports were 13.2GWh, a month-on-month increase of 34.7% and a year-on-year increase of 32.1%.

For the first two quarters, China's cumulative export of power batteries and other batteries amounted to 73.7GWh, growing 18.6% year on year and accounting for 18.3% of the total battery sales for the first six months. Among these, exports of power batteries were 60GWh, a year-on-year increase of 8.2%.