China’s October Battery Output Reaches 113.1 GWh, Sales and Exports Show Strong Year-Over-Year Growth
November 8, 2024 – China’s battery sector saw substantial year-over-year growth in October, with combined production across power and other battery categories reaching 113.1 GWh. This marks a 1.6% month-over-month increase and a robust 45.5% rise compared to October of the previous year. For the period from January to October 2024, cumulative battery production hit 847.5 GWh, reflecting a 38.3% increase over the same period in 2023.
Sales Overview
October’s sales for China’s power and other battery segments totaled 110.3 GWh, marking a 6.2% monthly increase and an impressive 47.4% year-over-year rise. Power batteries accounted for 79.1 GWh, representing 71.7% of total sales, with month-over-month growth of 3.3% and an annual growth of 30.6%. Other batteries accounted for 31.2 GWh or 28.3% of total sales, showcasing a 14.1% increase from the previous month and a remarkable 118.6% increase from the prior year.
For the January-October period, combined battery sales reached 796.0 GWh, a 43.2% increase from the same period in 2023. Power batteries contributed 604.5 GWh, or 75.9% of total sales, rising 26.7% year-over-year. Other batteries recorded cumulative sales of 191.5 GWh, accounting for 24.1% of total sales and showing a substantial 143.2% growth compared to the previous year.
Export Highlights
In October, China exported 19.9 GWh of batteries, which accounted for 18.0% of total battery sales for the month. This export volume reflected a minor 1.6% decrease from September but an impressive 38.6% increase from the same period last year. Power battery exports totaled 10.8 GWh, representing 54.6% of total exports, with a month-over-month decline of 7.8% and a slight 3.8% year-over-year decrease. In contrast, exports of other batteries reached 9.0 GWh, or 45.4% of total exports, showing a 7.0% monthly growth and a significant 194.0% increase compared to October 2023.
For the January-October period, total battery exports reached 146.0 GWh, up 26.5% from the prior year and accounting for 18.3% of total battery sales. Power battery exports were 103.3 GWh, making up 70.8% of total exports, and showed a modest year-over-year growth of 2.7%. Other battery exports reached 42.6 GWh, or 29.2% of total exports, with an impressive 189.5% annual increase.
Battery Installation in Vehicles
Battery installations in electric vehicles (EVs) also demonstrated considerable growth. In October, power battery installations in vehicles reached 59.2 GWh, representing an 8.6% month-over-month increase and a 51.0% year-over-year rise. Of these, ternary batteries (nickel-cobalt-manganese, or NCM) accounted for 12.2 GWh, or 20.6% of total installations. This marked a 7.2% monthly decrease and a slight 1.1% decline from last year. Lithium iron phosphate (LFP) batteries, meanwhile, constituted 47.0 GWh, or 79.4% of total installations, and exhibited a strong 13.7% increase from the previous month and a 75.1% rise from the previous year.
For the January-October period, cumulative power battery installations in vehicles totaled 405.8 GWh, a 37.6% increase from the prior year. Ternary battery installations reached 111.1 GWh, accounting for 27.3% of total installations, with a year-over-year increase of 18.3%. LFP battery installations amounted to 294.5 GWh, or 72.6% of the total, reflecting a significant 46.7% increase compared to the previous year.
Looking Ahead
As global demand for sustainable energy solutions continues to rise, China’s battery industry shows strong momentum, particularly in the EV sector and export markets. The notable growth in both power and other battery segments demonstrates China’s evolving role as a global leader in battery production, as it works to meet growing demand domestically and abroad.
