Battery Loading Rate for EVs Declines, Outpaced by Battery Production Growth in 2024: CPCA Report

Published: Jul 24, 2024 18:08

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[Cui Dongshu from CPCA: Lower Battery Loading Rate for EVs in 2024, Battery Production Outpaces Loading Growth] Cui Dongshu, the secretary-general of the China Passenger Car Association (CPCA), said in a recent article that the proportion of battery loading in the current battery production is constantly decreasing. In 2021, the battery loading rate for EVs reached 70%, 54% in 2022, 50% in 2023, and dropped to 47% from January to June 2024. With the development of energy storage industries, especially the global energy crisis triggered by the Russia-Ukraine crisis, the demand for batteries in energy storage industries has grown rapidly, resulting in a more significant decline in the proportion of batteries loaded into vehicles. Both EV batteries and energy storage batteries are facing relatively high pressure due to overproduction and inventory issues. The growth rate of EV batteries in 2021 and 2022 was lower than that of the overall vehicle market, and the battery loading rate for EVs is expected to be lower in 2024, while battery production is expected to outpace the loading growth.

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