PMI of Battery Industry Fell below 50 in December amid Sluggish New Energy Vehicle Market

Published: Dec 30, 2022 16:30

Source: SMM

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The purchasing managers’ index (PMI) for the battery industry came in at 49.57 in December 2022. Affected by the COVID-19 pandemic, the demand for new energy vehicles has declined.

SHANGHAI, Dec 30 (SMM) – The purchasing managers’ index (PMI) for the battery industry came in at 49.57 in December 2022. Affected by the COVID-19 pandemic, the demand for new energy vehicles has declined.

In terms of Ni-MH batteries, the orders from regular clients decreased precipitously. This, coupled with rising nickel prices, increased pressure at Ni-MH battery manufacturers, lowering output in December from November.

On ternary battery front, the battery factories are pessimistic over the market and cut their output significantly. In this scenario, the production index in November stood at 49.72. The prices of lithium carbonate weakened all the way in December. This prompted battery manufacturers to restock inventory at low prices.

The raw material inventory index in November was 49.82%. January 2023 will be the traditional off-season for new energy vehicles. The ternary and Ni-MH battery manufacturers have plans to stop production for maintenance. It is estimated that the preliminary composite PMI for the battery industry in January 2023 will be 49.71.

Macro

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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