[SMM Analysis] This Week, Battery Cell Prices Dropped Slightly, and March Battery Cell Production Schedule Is Expected to Improve

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This week, power battery cell prices continued to decline. The price of 100Ah prismatic LFP battery cells was 0.343 yuan/Wh, and the price of 6-series prismatic ternary battery cells was 0.493 yuan/Wh, both down WoW. This week, the production schedule of battery cells remained stable. Boosted by downstream demand expectations, some producers have initiated incremental production schedules for mid-to-late March, with the full-month power battery cell production expected to increase by approximately 14% MoM. In the first week of March, passenger NEV sales based on traffic compulsory insurance reached 132,000 units, up 22% MoM, with a penetration rate exceeding 38%. By structure, the share of car models in the 200,000-300,000 yuan price range increased to 42%, driving demand growth for high-nickel ternary and fast-charging battery cells. On the raw material side, lithium carbonate prices fluctuated slightly, keeping cost-side pressure on battery cells manageable.

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