[SMM Analysis] Production of power battery cells in November continued to grow rapidly, with year-end demand remaining strong!

Published: Dec 11, 2024 18:02

Source: SMM

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In November, China's power battery production reached 100.0 GWh, representing a 10% increase compared to the previous month and a 67% increase year-on-year.

In November, China's power battery production reached 100.0 GWh, representing a 10% increase compared to the previous month and a 67% increase year-on-year. The number of applications for the national NEV trade-in policy hit a new high in November. Additionally, thanks to automakers' year-end discount promotions, NEV sales continued to grow rapidly. However, the overall electrification process in the European and US markets has slowed down. The inauguration of the new US president has led to stockpiling at year-end due to uncertainties in the 2025 tax system. Due to the implementation of anti-subsidy policies in Europe, China's automobile exports to Europe have significantly declined, and the future outlook remains bleak.

In December, China's power battery production is expected to reach 100.1 GWh, remaining flat compared to the previous month and increasing by 87% year-on-year. Among these, LFP batteries are expected to account for 66%, while ternary lithium batteries will account for 34%.

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