[SMM Analysis] Battery Cell Prices Dropped Slightly This Week, February Production Schedule Continued to Decline

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This week, power battery cell prices dropped slightly. The price of 100Ah prismatic LFP battery cells was 0.353 yuan/Wh, and the price of 6-series prismatic ternary battery cells was 0.5 yuan/Wh, both declining WoW. Supply side, February battery cell production schedules declined overall, mainly due to the off-season at the end-user level, leading to a significant drop in battery cell orders. Demand side, NEV sales in January reached 889,000 units, up 27.1% YoY but down 41.2% MoM. With the gradual introduction of trade-in policies across regions, especially the inclusion of National IV vehicles in the subsidy scope, NEV sales are expected to gradually increase, and battery cell demand is likely to recover. Power battery Pack prices also declined compared to last week. The price of prismatic LFP Pack batteries was 0.55 yuan/Wh, and the price of 6-series prismatic ternary Pack batteries was 0.67 yuan/Wh.

SMM New Energy Research Team

Cong Wang 021-51666838

Xiaodan Yu 021-20707870

Rui Ma 021-51595780

Ying Xu 021-51666707

Disheng Feng 021-51666714

Yujun Liu 021-20707895

Yanlin Lü 021-20707875

Zhicheng Zhou 021-51666711

Haohan Zhang 021-51666752

Zihan Wang 021-51666914

Xiaoxuan Ren 021-20707866

Yushuo Liang 021-20707892

Jie Wang 021-51595902

Yang Xu 021-51666760

Lianting Yang 021-51595835