China’s power battery installed capacity surges 49.6% YoY in Sept. 2024

Shanghai (Gasgoo)- In September, China's power battery installed capacity reached 54.5 GWh, a 15.5% increase from the previous month and a 49.6% rise year-on-year, according to data by the China Automotive Power Battery Industry Innovation Alliance (CAPBIIA).  

Of the batteries installed last month, ternary batteries accounted for 13.1 GWh, representing 24.1% of the total installations, showing an 8.2% month-on-month increase and 7.4% year-on-year growth. Lithium iron phosphate (LFP) batteries dominated the market with 41.3 GWh installed, comprising 75.8% of the total installations, growing 18% month-on-month and 70.9% compared to the same period last year.

From January to September 2024, China's cumulative power battery installations totaled 346.6 GWh, up 35.6% year-on-year. Ternary batteries made up 98.9 GWh, or 28.5% of the total, increasing by 21.2% year-on-year. LFP batteries accumulated 247.5 GWh, capturing 71.4% of the market and leaping by 42.4% year-on-year.

In September, there were 38 power battery companies having batteries installed onto new energy vehicles (NEVs), five more than the previous year. The top three, five, and ten power battery companies accounted for 40.8 GWh, 45.7 GWh, and 52 GWh of installed capacities, representing 74.9%, 83.9%, and 95.5% of the total, respectively. Notably, the top 10 companies saw their market share decline by 2% year-on-year.

For the first nine months, a total of 51 power battery companies saw their batteries installed onto NEVs, two more than the year-ago period. The top three, five, and ten companies accounted for 266.4 GWh, 293.3 GWh, and 332.4 GWh of installations, capturing 76.9%, 84.6%, and 95.9% of the total market, respectively.

BYD  Blade Battery; photo credit: BYD

Driven by the booming NEV market, China's combined output of power and other batteries in September was 111.3 GWh, up 9.9% from the previous month and 43.3% year-on-year. For the first nine months, cumulative production reached 734.4 GWh, representing a 37.3% jump year-on-year.

In terms of sales, China sold 103.9 GWh of power and other batteries in September, an 11.9% month-on-month increase and 44.8% hike year-on-year. Power battery sales reached 76.6 GWh, growing by 11.9% month-on-month and 29.8% year-on-year, accounting for 73.7% of the total.

For the first three quarters of the year, China's cumulative sales of power and other batteries totaled 685.7 GWh, a 42.5% surge year-on-year. Power batteries accounted for 525.3 GWh, representing 76.6% of the total sales.

China also exported 20.2 GWh of power and other batteries in September, up 20.7% month-on-month and 37.8% year-on-year, representing 19.4% of total sales. Power battery exports reached 11.8 GWh, a 5.6% month-on-month increase but a 5.0% decline year-on-year, comprising 58.2% of the total exports.

For the first nine months of 2024, cumulative power and other battery exports reached 126.1 GWh, up 37.8% year-on-year, representing 18.4% of total sales. Year-to-date power battery exports reached 92.5 GWh, a 3.9% year-on-year increase, making up 73.3% of total exports.