[SMM Analysis] This week, the prices of power battery cells remained stable overall, with the ternary system mainly concentrated in high-end smart EVs, performance car models, and overseas export car models

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>This week, the overall performance of the power battery cell market remained stable, with the average transaction price of mainstream 100Ah LFP battery cells hovering around 0.315 yuan/Wh. As the subsidy effect on the vehicle side weakened and cost-effectiveness pressure increased, automakers further tightened their requirements for battery cell cost control, adopting a more assertive stance in driving down prices. In the short term, the price of LFP battery cells is expected to remain stable but in the doldrums. In Q1, the resilience of end-use consumption for new energy vehicles (NEVs) remained unabated, while downstream vehicle enterprises adopted a more rational approach to stockpiling cycles. The 2025 Shanghai International Auto Show (April 23-May 2), as a significant barometer for the global automotive industry, released a large number of signals about new car models and electrification transformation. OEMs were relatively cautious in their production schedules before and after the auto show. At the 2025 Shanghai Auto Show, some new models still featured ternary systems with high driving range and high power output. However, the overall trend indicated that the share of LFP in A-segment mainstay car models continued to expand, while the main battleground for ternary systems was shifting towards high-end smart EVs, performance models, and overseas export models.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lv Yanlin 021-20707875

Zhou Zhicheng 021-51666711

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Xu Yang 021-51666760

Yang Lianting 021-51595835

Yang Le 021-51595898