Heinxs Shares | China Power & Energy Storage Battery Monthly Data — January 2024

Production Output

In January, China's combined output of power and other batteries reached 65.2 GWh, down 16.1% month-on-month and up 68.0% year-on-year.

Sales Volume

In January, total sales of power and other batteries reached 57.1 GWh, down 36.6% month-on-month and up 72.0% year-on-year. Power battery sales were 50.4 GWh (88.2% of the total), down 30.1% month-on-month and up 82.3% year-on-year; other battery sales were 6.7 GWh (11.8%), down 62.7% month-on-month and up 20.8% year-on-year.

In January, combined exports of power and other batteries reached 8.4 GWh, down 56.9% month-on-month, accounting for 14.7% of monthly sales. Power battery exports were 8.2 GWh (97.7%, down 41.2% MoM and up 9.0% YoY); other battery exports were 0.2 GWh (2.3%, down 96.5% MoM and 88.7% YoY).

Vehicle Installation Volume

In January, 32.3 GWh of power batteries were installed in vehicles, up 100.2% year-on-year and down 32.6% month-on-month. LFP batteries accounted for 19.7 GWh (60.9% of the total, +84.2% YoY, -37.1% MoM), while NMC (ternary) batteries reached 12.6 GWh (39.0%, +131.9% YoY, -23.9% MoM).

Editor's Analysis

In January, 38 power battery enterprises supplied installation matching for China's NEV market, 3 more than the same period last year. The top 3, top 5 and top 10 enterprises installed 23.7 GWh, 26.7 GWh and 30.9 GWh respectively, accounting for 73.4%, 82.8% and 95.7% of total installations.

Currently, carbon neutrality has become a shared global goal. As wind and solar power capacity continues to expand and vehicle electrification accelerates — with China's EV market penetration growing particularly fast — surging EV demand translates directly into demand for power batteries. Against this dual-carbon backdrop, HEINXS products will continue to support the power battery industry in becoming bigger, stronger and more refined, while continuously delivering innovative solutions to the industry.