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

Production Output

In March, China's combined output of power and other batteries reached 75.8 GWh, up 73.8% month-on-month and 39.8% year-on-year.

From January to March, cumulative output reached 184.6 GWh, up 33.5% year-on-year.

Sales Volume

In March, total sales of power and other batteries reached 73.2 GWh, up 96.1% month-on-month and 49.5% year-on-year. Power battery sales were 62.3 GWh (85% of the total), up 85.6% MoM and 41.3% YoY; other battery sales were 11 GWh (15%), up 187.5% MoM and 122.3% YoY.

From January to March, cumulative sales reached 167.7 GWh, up 35.5% year-on-year — power batteries 146.2 GWh (87.2%, +35.4% YoY) and other batteries 21.5 GWh (12.8%, +36.8% YoY).

Vehicle Installation Volume

In March, 35.0 GWh of power batteries were installed in vehicles, up 25.8% year-on-year and 94.6% month-on-month. NMC (ternary) batteries accounted for 11.3 GWh (32.4% of the total, +29.7% YoY, +62.9% MoM), while LFP batteries reached 23.6 GWh (67.6%, +24.1% YoY, +114.6% MoM).

From January to March, cumulative installations reached 85.2 GWh, up 29.4% year-on-year — NMC batteries 30.9 GWh (36.2%, +47.8% YoY) and LFP batteries 54.3 GWh (63.8%, +20.9% YoY).

In March, combined exports of power and other batteries reached 12.2 GWh, up 48.7% month-on-month and 19.6% year-on-year, accounting for 16.7% of monthly sales. Power battery exports were 11.9 GWh (96.8%, +46.0% MoM, +33.7% YoY); other battery exports were 0.4 GWh (3.2%, +227.2% MoM, -71.5% YoY).

From January to March, cumulative exports reached 28.9 GWh, accounting for 17.2% of cumulative sales, down 2.2% year-on-year — power batteries 28.1 GWh (97.6%, +10.5% YoY) and other batteries 0.7 GWh (2.4%, -82.5% YoY).

Editor's Analysis

From January to March, 42 power battery enterprises supplied installation matching for China's NEV market, 1 more than last year. The top 3, top 5 and top 10 enterprises installed 64.9 GWh, 71.9 GWh and 81.6 GWh respectively, accounting for 76.2%, 84.3% and 95.8% 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.