In March 2024, China's installed capacity of power batteries reached 35 GWh, marking a year-on-year rise of 25.8% and a month-on-month surge of 94.6%, according to data by the China Automotive Power Battery Industry Innovation Alliance (CAPBIIA). 

Among these, the installed capacity of ternary-lithium battery was 11.3 GWh last month, accounting for 32.4% of the total power battery installed capacity, and indicating a year-on-year growth of 29.7% and a month-on-month surge of 62.9%. The lithium iron phosphate battery (LFP battery) installed capacity reached 23.6 GWh, making up 67.6% of the total installed capacity, witnessing a year-on-year growth of 24.1% and a month-on-month spike of 114.6%.

During the period from January to March (Q1 2024), China’s cumulative installed capacity of power batteries reached 85.2 GWh, representing a year-on-year increase of 29.4%. Of those, ternary-lithium batteries recorded a capacity volume of 30.9 GWh, accounting for 36.2% of the total Q1 installed capacity and logging a year-on-year leap of 47.8%. Meanwhile, the year-to-date installed capacity of LFP batteries reached 54.3 GWh, constituting 63.8% of the total installed capacity and indicating a year-on-year growth of 20.9%.

In March, the total production output of power and other types of batteries saw a month-on-month soar of 73.8% and a year-on-year increase of 39.8%, reaching an amount of 75.8GWh. 

As for Q1 2024, China's output of power and other batteries also increased by 33.5% on a year-on-year basis to 184.6GWh.

Last month, the total sales of power and other batteries in China reached 73.2 GWh, representing a month-on-month surge of 96.1% and a year-on-year jump of 49.5%. The sales of power batteries amounted to 62.3 GWh, accounting for 85% of the total, indicating a month-on-month upturn of 85.6% and a year-on-year increase of 41.3%. Meanwhile, the sales of other batteries reached 11 GWh, came in at 15% of the total, seeing a month-on-month hike of 187.5% and a year-on-year surge of 122.3%.

BYD Blade Battery; photo credit: BYD

For the first three months of 2024, the total sales of power and other batteries in China reached 167.7 GWh, jumping 35.5% year over year. Among these, the cumulative sales of power batteries amounted to 146.2 GWh, comprising 87.2% of the total and marking a year-on-year growth of 35.4%. Meanwhile, the year-to-date sales of other batteries reached 21.5 GWh, accounting for 12.8% of the total and showing a year-on-year rise of 36.8%.

In March, China's exports of power and other types of batteries stood at 12.2GWh, marking a month-on-month leap of 48.7% and a year-on-year increase of 19.6%, taking up 16.7% of the total sales for the month. Among these, power battery exports added up to 11.9 GWh, representing 96.8% of the total, displaying a month-on-month increase of 46% and a year-on-year growth of 33.7%. Meanwhile, export volume of other types of batteries reached 0.4 GWh, making up 3.2% of the total, showing a month-on-month surge of 227.2% but a year-on-year plunge of 71.5%.

In Q1 2024, China exported a total of 28.9GWh power and other batteries, occupying 17.2% of the total year-to-date sales, indicating a year-on-year decline of 2.2%. Among the, the Jan.-Mar. export volume of power batteries reached 28.1 GWh, accounting for 97.6% of the total exports, logging a year-on-year rise of 10.5%.