In September 2023, China's installed capacity of power batteries continued to rise, with a monthly installation of 36.4 GWh, up 4% MoM and 15% YoY. In terms of battery type, the installed capacity of ternary batteries in September was 12.2 GWh, up 13% MoM and 9% YoY. The installed capacity of LFP batteries in September was 24.2 GWh, up 1% MoM and 18% YoY.
In terms of the overall market, September was a critical point at the end of the third quarter, with many automakers and dealers having a certain end-of-quarter demand. In addition, with the upcoming Chinese National Day and Mid-Autumn Festival holidays, many automakers such as BYD, XPeng, and Geely launched limited-time promotional policies in September to stimulate terminal demand. Multiple regions also released subsidies for new energy vehicle consumption, such as Hainan and Xi'an, which together drove up vehicle sales and promoted the increase in installed capacity. However, on the other hand, the current strong vehicle sales situation has been achieved under the situation where multiple automakers have already overdrafted the end-of-year promotional space. It is highly probable that the end-of-year rush will slow down without state subsidies.
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