Power Battery Battle Report for May: A Brand Enters TOP 5, Is Ternary Battery Retreating?

Recently, the China Industrial Innovation Alliance for the Electric Vehicle Industry (CAAM-EV) released the monthly power battery data for May 2025.

The data shows that in May, China's power battery installations reached 57.1 GWh, up 5.5% MoM and 43.1% YoY. From January to May, the cumulative power battery installations in China reached 241.4 GWh, with a cumulative YoY increase of 50.4%.

Sunwoda Breaks into Top 5 for Single Month CATL Maintains Dual Leadership Positions

From the enterprise perspective, in May, a total of 37 power battery enterprises in China's NEV market achieved battery installations, the same number as the same period last year. The battery installations of TOP 3, TOP 5, and TOP 10 enterprises were 41.6 GWh, 46.8 GWh, and 54.0 GWh, respectively, accounting for 72.9%, 82.1%, and 94.7% of the total installations. The share of the top 10 enterprises decreased by 2 percentage points compared to the same period last year.

From January to May, a total of 50 power battery enterprises in China's NEV market achieved battery installations, an increase of 2 enterprises compared to the same period last year. The battery installations of TOP 3, TOP 5, and TOP 10 enterprises were 176.1 GWh, 198.4 GWh, and 226.0 GWh, respectively, accounting for 73.0%, 82.2%, and 93.6% of the total installations. The share of the top 10 enterprises decreased by 2.5 percentage points compared to the same period last year.

From the perspective of the TOP 15 rankings of domestic power battery enterprises, compared to April, in May, the first-tier enterprises represented by CATL, BYD, and CALB maintained their stable rankings, while the second and third-tier enterprises, although unchanged in terms of enterprises, experienced slight changes in rankings.

Among them, Gotion High-tech maintained its ranking; Sunwoda broke into the TOP 5, swapping rankings with EVE, which dropped one place to 6th; Zenergy rose to 7th, swapping rankings with REPT Battero, which dropped one place to 8th; the rankings from 9th to 12th remained unchanged, with SVOLT Energy Technology, Jidian New Energy, LG Energy Solution, and DFD occupying these positions; CORNEX New Energy rose to 13th, swapping rankings with Inpower Battery, which dropped one place to 14th; Yuanhang Genlead remained in 15th place.

Compared to the first four months, from January to May, the rankings of the TOP 15 companies remained unchanged, namely: CATL, BYD, CALB, Gotion High-tech, EVE, SVOLT Energy Technology, Sunwoda, REPT Battero, Zenergy, Jidian New Energy, LG Energy Solution, Inpower Battery, DFD, CORNEX New Energy, and Yuanhang Genlead.

In addition, from the perspective of the TOP 15 domestic ternary power battery enterprises and TOP 15 LFP battery enterprises in terms of battery installations from January to May, CATL has firmly secured its dual leadership positions, with CALB ranking second and fourth, respectively, and Gotion High-tech, EVE, SVOLT Energy Technology, Sunwoda, and Zenergy also ranking among the TOP 10 in both categories.

LG Energy Solution, Farasis Energy, SK On, GAC Aion, MGL, Microvast, and Lishen primarily made the list of China's top 15 ternary power battery enterprises by installations from January to May with their ternary batteries, while BYD, REPT Battero, Jidian New Energy, Inpower Battery, DFD, CORNEX New Energy, Yuanhang Genlead, and Yaoneng New Energy mainly featured in the top 15 LFP battery enterprises by installations during the same period.

Ternary Batteries Stuck in 20-80 SplitLFP Battery Installations Near 200GWh

Notably, China's power battery material structure is undergoing changes, with the 20-80 split between ternary and LFP battery installations becoming commonplace.

Monthly data shows that since exceeding 80% in December 2024, LFP batteries maintained over 81% of China's installations in February, March, and April this year. Cumulatively, their share surpassed 80% after Q1 and reached 81.4% in both January-April and January-May periods.

Specifically, May saw China's LFP battery installations at 46.5GWh (81.6% share), up 3.9% MoM and 57.7% YoY, while ternary batteries recorded 10.5GWh (18.4% share), up 13.1% MoM and 1.6% YoY. January-May cumulative figures stood at 196.5GWh (81.4% share, up 79.8% YoY) for LFP and 44.8GWh (18.6% share, down 12.4% YoY) for ternary batteries.

Additionally, data from China Automotive Battery Innovation Alliance showed May demand for ternary cathode material at 54,000 mt and LFP material at 240,000 mt in power/other batteries. January-May figures reached 229,000 mt for ternary and 1.132 million mt for LFP materials.

Demand metrics alone reveal LFP's dominance extending from installations to the industry chain: May's 240,000 mt monthly demand quadrupled ternary materials (4.4x), while the January-May cumulative 1.132 million mt dwarfed ternary's 229,000 mt. This overwhelming gap stems from LFP batteries' triple advantages in cost, safety, and value.

As lithium carbonate prices plunged from 600,000 yuan/mt to 60,000 yuan/mt, LFP's cost advantages amplified. New power battery regulations emphasizing zero thermal runaway performance further spotlighted LFP batteries. Technological advancements also shattered the outdated perception of "LFP=low-end" through improved energy density and driving range.

Conversely, while ternary batteries retain niche value in high-end markets prioritizing extreme range/performance, they cannot challenge LFP's mainstream status. The frenzied LFP material procurement by battery enterprises in May further corroborates this trend. However, some voices argue that, just as no one anticipated the successful comeback and overwhelming dominance of LFP batteries when ternary batteries dominated the market with a 65% share of installed capacity in 2020, ternary batteries may not necessarily be confined to the "20-80 pattern" forever. The drama of industry development lies in the fact that the current situation does not dictate the final outcome.