Major Battery Makers Raised the Share of LFP Battery in their Product Portfolio Further in Q1, and the Proportion of High-Nickel Battery also Rose

SHANGHAI, Apr 13 (SMM) - The proportion of LFP battery in major battery makers’ product portfolio increased at a slower pace in Q1, and the proportion of high-nickel NMC battery rose. Lithium prices rose sharply in the first quarter, which led to an increase in the procurement cost and unstable procurement volume of LFP enterprises. In response, battery makers also slowed down their purchases of LFP. Major battery companies received orders for high-nickel battery in advance in Q1, resulting in an increase in the proportion of high-nickel NMC battery. At present, the proportion of LFP battery in the product portfolio of major domestic battery companies has basically exceeded 60%. It is expected that the output of LFP batteries will continue to grow in the future.

The demand from the NEV market increased slightly on a quarterly basis in Q1. The supply chain of major battery companies was stable. There were only small changes in suppliers, and the changes were mainly due to customer orders and products.