Q1 sales of new energy vehicles and installation of power batteries continue to grow rapidly

Under the stimulation of new car launches, price reductions and trade in policies, domestic new energy vehicles continued to grow rapidly in the first quarter of 2024. According to statistics from the High Tech Industry Research Institute (GGII) based on the compulsory insurance coverage of new energy vehicles, the sales of new energy vehicles in China in the first quarter of 2024 were about 1.833 million, a year-on-year increase of 45%, driving the installed capacity of power batteries in China to be about 84.3 GWh, a year-on-year increase of 43%. Among them, the top ten new energy vehicle sales companies in the first quarter had a total installed capacity of about 56.8 GWh, accounting for 67.4% of the total installed capacity of power batteries. Ningde Times and BYD's power batteries respectively accounted for 49% and 37% of the top ten sales companies.

The growth rate of installed power batteries for specialized vehicles has reached 156%

From the perspective of installed capacity application, in the first quarter of 2024, the installed capacity of new energy passenger vehicles was about 75.3 GWh, a year-on-year increase of 36%; The installed capacity of new energy buses is about 1.2GWh, a year-on-year increase of 69%; The installed capacity of new energy vehicles is about 7.8GWh, a year-on-year increase of 156%.

The market share of installed capacity of lithium iron phosphate power batteries has declined slightly

From the perspective of installed capacity and battery types, the installed capacity of lithium iron phosphate power batteries in the first quarter of 2024 was about 53.1 GWh, a year-on-year increase of 39%, with a market share of 63%, a decrease of 2 percentage points from the same period last year. This is mainly due to the increase in sales of ternary based extended range and plug-in hybrid models. The installed capacity of ternary power batteries is about 30.9GWh, a year-on-year increase of 50%, with a market share of 36.7%, an increase of 1.8 percentage points compared to the same period last year.

The year-on-year growth rate of the installed capacity of cylindrical power batteries is negative

From the perspective of different battery shapes, the installed capacity of square power batteries in the first quarter of 2024 was approximately 80.75 GWh, a year-on-year increase of 47%; The installed capacity of soft pack power batteries is about 1.75GWh, a year-on-year increase of 3%; The installed capacity of cylindrical power batteries is about 1.79GWh, a year-on-year decrease of 21%.