Power battery observation: Ningde Guoxuan Yiwei Lithium Energy increased significantly month-on-month; new players emerged

Source: Number of vehicle factory certificates; Analysis and charting: Electric Vehicle Observer  

In June, China's power battery installations resumed their month-on-month growth trend, increasing by 34%; but overall it was still lower than the same period last year, down 29% year-on-year.  

The growth of installed capacity in June was entirely due to the growth of pure electric buses and special-purpose vehicles. The installed capacity of passenger cars declined month-on-month, with pure electric passenger cars at 1.63Gwh, a month-on-month decline of 34%; plug-in hybrid passenger cars at 275.37MWh, a month-on-month decline of 23%.  

In June, CATL's growth was driven by the installation of passenger cars by Yutong, King Long, Suzhou King Long and other bus companies, with a month-on-month increase of 42%. After Volkswagen's investment, Guoxuan High-tech's installation volume increased by 70% month-on-month. EVE Energy's installation volume doubled month-on-month.  

In addition, it is worth noting that in June, the number of battery companies that achieved installation increased to 45, among which Jiawei Longneng, Haihong Technology and ZTE High Energy achieved installation for the first time this year.  

1. Overview: TOP10 ranking is relatively stable  

In June, there was basically no change in the TOP10 companies, especially the ranking of the top 5 remained stable, except that Lishen dropped one place to 7th; Penghui's ranking rose from 10th to 8th, Tafel's ranking dropped to 10th, and Yiwei Lithium Energy rose to 6th.  

Source: Electric Vehicle Observer, based on statistics on the number of vehicle factory certificates  

In terms of market share, CATL's market share has expanded to 51% of installed capacity, while LG Chem's share has dropped to 15%. BYD's market share has remained stable at 11%.  

Source: Electric Vehicle Observer, based on statistics on the number of vehicle factory certificates  

II. Situation of some enterprises with large growth rates  

The battery companies that saw significant growth in June were mainly those that supply commercial vehicles and passenger vehicles to fast-growing automakers such as SAIC-GM-Wuling and Dongfeng.  

(1) CATL's business has grown significantly due to its commercial vehicle business  

In June, CATL's month-on-month growth reached 42%, mainly driven by commercial vehicles. Bus companies such as Yutong, King Long, Suzhou King Long, etc. began to increase their production. In addition, CATL's installed capacity for Mercedes-Benz, Dongfeng and Dongfeng Xiaokang increased rapidly.  

(2) Guoxuan High-tech's supporting models began to sell well  

In June, Guoxuan High-tech's sales increased by 70.4% month-on-month, mainly due to the increase in the supply of Fengsheng. In addition, the supply of Chery, Shangtong Wuling, Chongqing Changan, and Feidie Automobile has increased. In June, it added many new supporting companies, such as Hubei Xinchufeng, Yinbao, Nanjing Jinlong, Zhongzhi and Chongqing Ruichi. Overall, Guoxuan High-tech's recent market expansion is good.  

In January this year, Guoxuan High-tech, Liuzhou Municipal People's Government and Liuzhou Liudong New District Management Committee signed a project investment agreement, and Hefei Guoxuan also signed a strategic cooperation agreement with SAIC-GM-Wuling.  

According to the agreement, Guoxuan High-tech will invest in the construction of a 10GWh power battery production base in Liudong New District and provide power battery systems adapted to multiple vehicle platforms of SAIC-GM-Wuling Automobile Co., Ltd. Currently, Guoxuan has provided supporting services for SAIC-GM-Wuling Hongguang MINIEV, with battery cell specifications of 14.4kWh, 52Ah battery cell and 9.6kWh, 52Ah battery cell, and the corresponding models have a range of 120km and 170km.  

Hongguang MINIEV, Wuling's new pure electric micro passenger car, has received nearly 20,000 orders in just over a month since its pre-sale started.  

It is foreseeable that relying on the Liuzhou model and the efficient layout of Baojun's new energy vehicle models in fourth- and fifth-tier cities and urban and rural markets, the demand for Guoxuan power batteries is expected to usher in a new round of growth.  

(3) Yiwei Lithium Energy doubled month-on-month  

Yiwei Lithium Energy installed 112.29MWh of capacity, a month-on-month increase of 114%, mainly due to the increase in supply to Dongfeng, Haima and Nanjing Golden Dragon.  

(4) Other battery companies  

The growth of Anchi New Energy is mainly due to the faster month-on-month increase in the volume of supporting Hebei Changan.  

Penghui’s installed capacity was 62.2MWh, a month-on-month increase of 61.8%. The growth also came from its support for Shanghai Tongwuling.  

In June, Ruipu began to supply WM Motor, with an installed capacity of 8.28MWh.  

Installed capacity of the top 20 power battery companies in June (unit: MWh)  

Source: Electric Vehicle Observer, based on the statistics of vehicle factory certificates Note: CATL data includes SAIC, Jiangsu and Dongfeng; BYD includes Xi'an Zhongdi  

3. Lithium iron phosphate installed capacity accounts for 35%  

In June, boosted by the growth of commercial vehicles, the installed capacity of lithium iron phosphate batteries increased significantly, exceeding the same period last year for the first time this year. The installed capacity of pure electric buses and special vehicles of lithium iron phosphate reached 957.1MWh and 49.87MWh respectively, up 113.5% and 87.1% month-on-month.  

Subdivided material system and vehicle type (unit: MWh)  

Source: Electric Vehicle Observer, based on statistics on the number of vehicle factory certificates  

According to comprehensive calculations, the installed capacity of lithium iron phosphate power batteries reached 35% in June, a new high since 2020.  

Source: Electric Vehicle Observer, based on statistics on the number of vehicle factory certificates  

In June, the increase in power battery installations and the high proportion of lithium iron phosphate batteries were mainly driven by commercial vehicles. However, lithium iron phosphate passenger cars achieved a year-on-year growth, which shows that the advantages of lithium iron phosphate batteries are gradually emerging under the situation of a sharp decline in subsidies.

In June, the number of companies that installed batteries also increased, which is one of the signs that the market is recovering. It can be predicted that the power battery market in the second half of the year should perform significantly better than in the first half of the year.