Analysis of domestic power battery installed capacity in Q1 2024
The Zhitong Finance App learned that domestic NEVs continued to grow rapidly in the first quarter of 2024, stimulated by new car launches, price reduction promotions, and trade-in policies. The Advanced Industrial Research Institute (GGII) shows that in the first quarter of 2024, China sold about 183.3 new energy vehicles, up 45% year on year, driving domestic power battery installed capacity of about 84.3 GWh, an increase of 43% year on year. Among them, the top ten NEV sales companies in the first quarter had a total installed capacity of about 56.8 GWh, accounting for 67.4% of the total power battery installed capacity. Ningde Times (300750.SZ) and BYD (002594.SZ) power batteries supported 49% and 37% of the top ten sales companies, respectively.
Looking at the field of installed capacity applications, in the first quarter of 2024, the installed capacity of the NEV passenger vehicle sector was about 75.3 GWh, up 36% year on year; the installed capacity in the NEV sector was about 1.2 GWh, up 69% year on year; and the installed capacity in the NEV sector was about 7.8 GWh, up 156% year on year.
In terms of installed battery types, the installed capacity of lithium iron phosphate power batteries in the first quarter of 2024 was about 30.9 GWh, up 50% year on year, accounting for 63% of the market share, down 2 percentage points from the same period last year, mainly due to three-yuan range extensions and the increase in sales of plug-in hybrid models. The installed capacity of ternary power batteries was about 53.1 GWh, a year-on-year increase of 39%, accounting for 36.7% of the market share, an increase of 1.8 percentage points over the same period last year.
Looking at different battery shapes, the installed capacity of square power batteries in the first quarter of 2024 was about 80.75 GWh, an increase of 47%; the installed capacity of soft pack power batteries was about 1.75 GWh, an increase of 3% year on year; and the installed capacity of cylindrical power batteries was about 1.79 GWh, down 21% year on year.