Heinxs Shares | China Power & Energy Storage Battery Monthly Data — February 2024
Production Output
In February, China's combined output of power and other batteries reached 43.6 GWh, down 33.1% month-on-month and 3.6% year-on-year.
From January to February, cumulative output reached 108.8 GWh, up 29.5% year-on-year.
Sales Volume
In February, total sales of power and other batteries reached 37.4 GWh, down 34.6% month-on-month and 10.1% year-on-year. Power battery sales were 33.5 GWh (89.8% of the total), down 33.4% MoM and 7.6% YoY; other battery sales were 3.8 GWh (10.2%), down 43.2% MoM and 27.0% YoY.
From January to February, cumulative sales reached 94.5 GWh, up 26.4% year-on-year — power batteries 83.9 GWh (88.8%, +31.3% YoY) and other batteries 10.6 GWh (11.2%, -2.3% YoY).
Vehicle Installation Volume
In February, 18.0 GWh of power batteries were installed in vehicles, down 18.1% year-on-year and 44.4% month-on-month. NMC (ternary) batteries accounted for 6.9 GWh (38.7% of the total, +3.3% YoY, -44.9% MoM), while LFP batteries reached 11.0 GWh (61.3%, -27.5% YoY, -44.1% MoM).
From January to February, cumulative installations reached 50.3 GWh, up 32.0% year-on-year — NMC batteries 19.5 GWh (38.9%, +60.8% YoY) and LFP batteries 30.7 GWh (61.1%, +18.6% YoY).
In February, combined exports of power and other batteries reached 8.2 GWh, down 1.6% month-on-month and 18.0% year-on-year, accounting for 22.0% of monthly sales. Power battery exports were 8.1 GWh (98.6%, -0.7% MoM, -10.9% YoY); other battery exports were 0.1 GWh (1.4%, -38.2% MoM, -87.2% YoY).
From January to February, cumulative exports reached 16.6 GWh, accounting for 17.6% of cumulative sales, down 13.8% year-on-year — power batteries 16.3 GWh (98.1%, -1.9% YoY) and other batteries 0.3 GWh (1.9%, -88.2% YoY).
Editor's Analysis
From January to February, 41 power battery enterprises supplied installation matching for China's NEV market, 2 more than last year. The top 3, top 5 and top 10 enterprises installed 37.8 GWh, 41.9 GWh and 48.2 GWh respectively, accounting for 75.2%, 83.3% and 95.9% 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.
