Category: Battery News

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Battery Data Battery News BYD CALB CATL China Electric eMobility eV Gotion High-Tech Monthly Data SNE Research Tesla

Global EV battery market share in Jan-May: CATL 36.3%, BYD 16.1%

's battery installed base grew 59.6 percent year-on-year in January-May, while 's grew 107.8 percent year-on-year, according to SNE Research.

China's CATL and BYD (OTCMKTS: BYDDY) continued to dominate the global power battery market in the January-May period, the latest figures show.

From January to May, total global battery consumption for electric vehicles (EVs) was 237.6 GWh, up 52.3 percent from 156.0 GWh in the same period last year, according to data released today by South Korean market research firm SNE Research.

CATL installed 86.2 GWh of batteries in January-May, up 59.6 percent from 54.0 GWh in the same period last year.

The Chinese power battery giant continues to rank first in the world with a 36.3 percent share and remains the only battery supplier in the world with a market share of more than 30 percent.

This is up from its 34.6 percent share in the same period last year and up from its 35.9 percent share in the January-April period.

CATL's batteries are installed in many major passenger EV models in China's domestic market, such as the Model 3, Model Y, SAIC Mulan, Y, and ET5, as well as Chinese commercial vehicle models, and continue to grow steadily, SNE Research said.

BYD installed 38.1 GWh of power batteries from January to May, up 107.8 percent from 18.4 GWh in the same period last year.

The company ranked second with a 16.1 percent share from January to May, up from 11.8 percent in the same period last year and unchanged compared to January-April.

BYD has gained popularity in China's domestic market with its competitive pricing by establishing a vertically integrated supply chain management, including battery self-sufficiency and vehicle manufacturing, SNE Research said.

With the launch of the Atto 3 model, BYD showed explosive growth by expanding its market share outside of China in Asia and Europe, SNE Research said.

LG Energy Solution installed 33.0 GWh of power batteries from January to May, up 56.0 percent year-on-year.

The South Korean company ranked third in the world with a 13.9 percent share, slightly up from 13.6 percent a year ago and down from 14.1 percent in the January-April period.

Panasonic of Japan ranked fourth with an 8.0 percent share, SK On of South Korea ranked fifth with 5.2 percent share and CALB of China ranked sixth with a 4.3 percent share.

Samsung SDI of South Korea, China's Gotion High-tech, Eve Energy, and Sunwoda ranked seventh, eighth, ninth, and tenth respectively, with 4.2 percent, 2.2 percent, 2.2 percent, and 1.6 percent shares in January-May.

It is worth noting that CALB's power battery installed base of 10.2 GWh continued to be higher than Samsung SDI's 9.9 GWh in January-May.

From January to March, CALB's 5.7 GWh was lower than Samsung SDI's 6.5 GWh. From January to April, CALB's 8.4 GWh exceeded Samsung SDI's 7.5 GWh.

In 2023, Chinese companies are expected to push into overseas markets such as Europe, preparing for a gradual decline in growth in China's domestic market, SNE Research said.

Europe is the largest EV market after China and is aggressively implementing environmental policies, so it is highly likely to be the biggest battleground in the future, according to SNE Research.

In the future, the proportion of LFP batteries in Europe is expected to increase as Chinese companies enter the European market in earnest, the report said.

Nio starts to get cells from WeLion, as deliveries of 150-kWh batteries set to begin in Jul

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Battery News BYD China Electric eMobility eV sodium-ion battery

BYD to build sodium-ion battery production base in Xuzhou

will set up a joint venture with a local conglomerate to build a sodium-ion battery production base in Xuzhou, Jiangsu province.

(Image credit: Huaihai Holding Group)

BYD (OTCMKTS: BYDDY) will set up a joint venture with a local conglomerate to build a sodium-ion battery production base, the first time we've seen it move forward in building capacity for this alternative to lithium batteries.

Huaihai Holding Group and BYD's battery unit FinDreams signed a strategic cooperation agreement at BYD's Shenzhen headquarters on June 8, according to a press release from Huaihai yesterday.

The two parties will establish a joint venture to build a sodium-ion battery production base in Xuzhou Economic and Technological Development Zone in Jiangsu province to jointly create the world's largest supplier of sodium battery systems for micro vehicles, according to the press release.

Huaihai will provide its resources including markets and application scenarios, and FinDreams will provide products and services, the release said.

Huaihai said it sees the tremendous economic and social value of sodium batteries and began its involvement in the industry years ago with a strategic investment in sodium-ion battery startup Natrium.

Huaihai and FinDreams will expand demand for mini-vehicle batteries nationwide and globally, centered on Xuzhou, it said.

Huaihai's press release provided no further details. The company was founded in 1976 and has operations in small vehicles, electric vehicles, parts and components, and financial services.

Since last November, there have been several rumors that BYD's sodium-ion battery would be in mass production in 2023 and that the first model to carry the battery would be the Seagull.

However, none of these rumors have been confirmed by BYD. BYD launched the Seagull on April 26 with a starting price of RMB 73,800 ($10,350), though no version with the sodium battery is yet available.

On February 23, battery maker Hina Battery unveiled three sodium-ion battery cell products and announced a partnership with Anhui Jianghuai Automobile Group Corp (JAC).

Hina Battery and Sehol -- a joint venture brand between JAC and Volkswagen Anhui -- jointly built a test vehicle with sodium-ion batteries based on the latter's Sehol E10X model.

On April 16, announced that its sodium-ion batteries will first be used in Chery's models. CATL unveiled its first-generation sodium-ion batteries on July 29, 2021, saying that the energy density of the cells alone has reached 160Wh/kg.

On April 20, local media 36kr reported that CATL's and BYD's sodium-ion batteries will both be installed in production vehicles this year, and they will both be a mix of sodium-ion and lithium-ion batteries.

Sodium-ion batteries currently have lower energy density than lithium-ion batteries, but cost less and sodium resources are seen as more abundant and readily available.

In the past two years, as lithium prices continue to rise sharply, sodium-ion batteries are highly anticipated.

However, since the beginning of this year, with the continued decline in lithium prices, sodium-ion batteries are seen as having a reduced cost advantage.

Sodium-ion's abundant resource reserves are difficult to quickly translate into cost advantages, and when the cost of lithium iron phosphate batteries is rapidly declining, automakers are hardly motivated to choose to carry sodium-ion batteries in the short term, the China Passenger Car Association (CPCA) said in a report on May 22.

($1 = RMB 7.1286)

CATL, BYD's sodium-ion batteries both to be in mass production within this year, report says

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Battery News China Electric eMobility eV Eve Energy Eve Energy Hungary Eve Energy Plant

Eve Energy to invest up to $1.4 billion in Hungary battery plant

Eve Energy will build a project for large cylindrical batteries for passenger cars in Hungary over a four-year construction period.

(Image credit: Eve Energy)

Chinese lithium battery maker Eve Energy plans to invest more than $1 billion in a battery plant in Hungary to expand its presence in overseas markets.

Eve Energy's board of directors has given its subsidiary EVE Power Hungary Kft the go-ahead to build a large cylindrical battery project for passenger cars in Hungary, with an investment amount not exceeding RMB 9.97 billion ($1.4 billion).

The project is located in Debrecen, Hungary, and the construction period is four years, according to an announcement yesterday by the Shenzhen-listed company.

The project will help improve the company's global industrial layout and promote the smooth progress of its overseas business, the announcement said.

It will also facilitate the company's rapid response to local demand for new energy vehicle (NEV) power batteries from key customers in Hungary and take on more orders from customers in Europe, Eve Energy said.

EVE Power Hungary signed an agreement on May 9 with Debreceni, a subsidiary of Hungary's Debrecen government, to purchase land owned by the latter in the city's northwest industrial zone for the production of cylindrical power batteries, according to a Shenzhen Stock Exchange announcement at the time.

The land has an area of 45 hectares and the purchase price is 22.5 euros per square meter plus VAT, for a total price of about 12.86 million euros, according to the announcement.

The deal will meet the company's need for production land for future growth and further scale up its production capacity for power and energy storage batteries, Eve Energy said.

Eve Energy's announcement provided no further information, though the move appears to be in preparation for supplying BMW.

On September 9, 2022, Eve Energy announced that it had finalized a battery supply relationship with BMW Group to supply large cylindrical lithium-ion cells for the latter's Neue Klasse line of models.

BMW also said at the time in a post on its official WeChat account that it had awarded contracts worth more than 10 billion euros to and Eve Energy to meet the demand for cells for the new generation of models.

The two partners will each build two battery plants in China and Europe, each with an annual capacity of 20 GWh, BMW said at the time, adding that it will also look for partners to build two more battery plants in the North American Free Trade Area.

Eve Energy is one of China's largest battery makers, with 1.33 GWh of batteries installed in May, ranking fourth with a 4.71 percent share, according to the China Automotive Battery Innovation Alliance (CABIA) earlier today.

($1 = RMB 7.1227)

China EV battery installations in May: BYD extends lead in LFP market

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Battery Data Battery News BYD CABIA CALB CATL China Electric eMobility eV Gotion High-Tech LFP Batteries Monthly Data Ternary Batteries

China EV battery installations in May: BYD extends lead in LFP market

remains the largest power battery maker in China, but 's lead in the LFP market expanded in May.

After regaining the top spot in the lithium iron phosphate (LFP) market over CATL in April, BYD extended its lead in this segment in May.

In May, China's power battery installations were 28.2 GWh, up 52.1 percent year-on-year and up 12.3 percent from 25.1 GWh in April, according to data released today by the China Automotive Battery Innovation Alliance (CABIA).

CATL's power battery installed base in May was 11.67 GWh, ranking first with a 41.31 percent share, up from 40.83 percent in April.

BYD's power battery installed base in May was 8.68 GWh, ranking second with a 30.72 percent share, up 1.61 percentage points from 29.11 percent in April.

CALB ranked third with a 7.76 percent share of 2.19 GWh in May, down 0.98 percentage points from 8.74 percent in April.

Eve Energy ranked No. 4 in May with 1.33 GWh installed base and 4.71 percent share, down 0.77 percentage points from 5.48 percent in April.

Gotion High-tech ranked 5th in May with 1.01 GWh of installed base and a 3.58 percent share.

Gotion ranked fourth in March with 4.51 percent share, but was overtaken by Eve Energy in April.

China's ternary battery installed base in May was 9.0 GWh, accounting for 32.0 percent of total installed base, up 8.7 percent year-on-year and up 12.8 percent from April.

The installed base of LFP batteries was 19.2 GWh, accounting for 67.8 percent of the total installed base, up 87.2 percent year-on-year and up 11.8 percent from April.

In the LFP battery market, BYD installed 8.68 GWh in May, topping the list with a 45.30 percent share, up from 42.68 percent in April.

CATL's installed base in the LFP battery market in May was 5.90 GWh, ranking second with a 30.81 percent share, down from 33.65 percent in April.

In March, CATL's share of the LFP market was 39.47, higher than BYD's 38.88 percent, marking the first time it has overtaken BYD in this segment during the year.

BYD's share of the LFP market rebounded to 42.68 percent in April, regaining the lead over CATL's 33.65 percent.

Eve Energy and CALB ranked third and fourth in the LFP battery market with 6.33 percent and 6.14 percent shares, respectively.

In the ternary battery market, CATL ranked first with 63.87 percent of the installed base in May with 5.77 GWh.

CALB and LG Energy Solution ranked second and third in the ternary battery market with 11.26 percent and 7.48 percent shares, respectively.

China EV battery installations in May: 28.2 GWh

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Battery Capacity Battery News Changan China Electric eMobility eV

Power battery industry faces serious overcapacity in China, says Changan chairman

China will need 1,000-1,200 GWh of power battery capacity by 2025, but the industry is already planning for 4,800 GWh of capacity, according to Changan's chairman.

The chairman of one of China's largest automakers has warned about oversupply in the power battery industry, at a time when the risk is a growing concern.

China's power battery industry is currently suffering from a serious overcapacity and the sector is bound to return to a rational state, Zhu Huarong, chairman of Changan Automobile, said today in a speech at an automotive forum in the southwestern Chinese city of Chongqing.

China will need 1,000-1,200 GWh of power battery capacity by 2025, but the industry is currently planning for 4,800 GWh of capacity, Zhu said.

In a speech at the 2022 China Auto Forum on November 9 last year, Zhu said the tight supply of chips and batteries facing China's new energy vehicle (NEV) industry had eased, but their expensive prices stand out, seriously affecting the profits and production of NEV companies.

High battery prices were caused by factors including raw material price increases, capital speculation, sellers' hesitation to sell and middlemen hoarding, Zhu said at the time.

Zhu's latest comments come as the issue of power battery overcapacity is a growing concern.

In a research note yesterday, Morgan Stanley analyst Jack Lu's team said that despite a near-term recovery in orders for China's battery industry, there will still be excess battery capacity and price competition is inevitable.

More and more second-tier battery suppliers are adopting increasingly aggressive pricing strategies, and may have to do the same, Lu's team said.

Power battery overcapacity is an industry consensus, but in the first quarter, expansion of power and storage batteries continued, the official Economic Information Daily said in a report yesterday.

In 2022, China's power battery shipments were about 480 GWh, while the installed power battery capacity was only about 260.94 GWh. Even counting the export volume and the installed power battery capacity in the segment including construction machinery, the current inventory pressure of the whole industry is still high, the report said, citing industry research institute GGII.

In the next few years, the structural overcapacity of power batteries will intensify, and the industry will enter a deep reshuffling stage, with a degree of competition that may be more severe than imagined, the report said.

China's power battery installed capacity in April was 25.1 GWh, up 89.4 percent year-on-year and down 9.5 percent from March, according to data released by the China Automotive Battery Innovation Alliance (CABIA) on May 11.

The power battery production in April was 47.0 GWh, up 38.7 percent year-on-year and down 8.3 percent sequentially, according to the CABIA.

May's data is expected to be available in a few days.

China EV battery installations in Apr: BYD regains top spot over CATL in LFP market

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Battery News Battery Tech China Electric eMobility eV Greater Bay Technology

GAC-backed Greater Bay unveils Phoenix battery that claims to be able to charge from 0 to 80% in 6 minutes

The Phoenix battery will be in mass production next year and is expected to be used in production vehicles by the end of next year, Greater Bay said.

GAC-backed Greater Bay unveils Phoenix battery that claims to be able to charge from 0 to 80% in 6 minutes-CnEVPost

(Image credit: Greater Bay Technology)

Many Chinese companies have announced breakthroughs in battery technology this year, with GAC Group-backed Greater Bay Technology as the latest.

Greater Bay unveiled the Phoenix battery, which claims to be able to charge from zero to nearly full in less than 10 minutes, at a battery technology launch event on June 6.

The Phoenix battery integrates Greater Bay's latest innovations in materials, electrochemistry, structure, and controls to give electric vehicles the ability to run as usual in all-weather conditions, it said.

Phoenix battery-equipped electric vehicles can be charged at up to 8C at different voltage platforms from 300 volts to 1000 volts, with 0-80 percent charging in 6 minutes, it said.

GAC-backed Greater Bay unveils Phoenix battery that claims to be able to charge from 0 to 80% in 6 minutes-CnEVPost

In the battery world, C refers to the charging multiplier, and 8C means the battery can theoretically be fully charged in one-eighth of an hour -- 7.5 minutes.

At the same time, Phoenix batteries offer leading-edge advantages in safety, cycle life, range and cost to compete with fuel-powered vehicles, Greater Bay said, according to a WeChat article it posted today.

Greater Bay said its technology gives the battery 18 times more heat exchange area compared to conventional solutions, and allows the pack temperature to rise from -20°C to +25°C in five minutes even in winter.

GAC-backed Greater Bay unveils Phoenix battery that claims to be able to charge from 0 to 80% in 6 minutes-CnEVPost

Phoenix battery uses a new structural design, not only the thermal management of the battery sees great improvements, volume utilization can be as high as 75 percent, it claimed.

With extremely fast charging, the Phoenix battery also has an ultra-long life, with a cycle life of 10 years or 800,000 kilometers, the company said.

The battery system's highly integrated design allows for an energy density of 260 Wh/kg and a range of 1,000 kilometers on a single charge, it said.

GAC-backed Greater Bay unveils Phoenix battery that claims to be able to charge from 0 to 80% in 6 minutes-CnEVPost

Phoenix batteries will be in mass production next year and are expected to be used in production vehicles by the end of next year, according to the company.

Greater Bay, founded in September 2020, is a battery maker incubated by GAC, according to its website.

The company is building cell and pack production capacity, with a pack plant in Nansha, Guangzhou, already in operation.

Greater Bay plans to build a production base of about 500 mu (33 hectares) in Guangzhou, with the first phase of construction expected to be completed in 2023 and a capacity of 8 GWh, which could supply batteries for 120,000 vehicles, the information on its website reads.

Gotion unveils new battery based on LMFP chemistry with range up to 1,000 km

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Battery News China Electric eMobility eV Svolt Energy Svolt Plant Svolt Thailand

Svolt Energy plans to build battery plant in Thailand, report says

Svolt Energy is planning to invest $30 million to build a battery module pack plant in Thailand, according to local media.

(Image credit: Svolt Energy)

Svolt Energy, a battery maker that spun off from Great Wall Motor, is said to be planning to build a battery factory in Thailand as manufacturers in China's new energy vehicle industry chain target Southeast Asian markets.

Svolt Energy is planning to invest $30 million to build a battery module pack plant in Thailand, local media Cailian reported today, citing sources familiar with the matter.

Svolt Energy has incorporated a wholly owned subsidiary, Svolt Energy Technology (Thailand) Co Ltd, in Thailand and is currently planning the construction of the new plant, the report said, without providing further details.

Svolt Energy was originally the power battery division of Great Wall Motor, which began research and development of batteries in 2012.

It became independent from Great Wall Motor in February 2018 to work on next-generation battery materials, cells, modules, PACKs, BMS, and energy storage technologies.

The battery maker currently has 11 production sites in China and one overseas production site in Heusweiler, Saarland, Germany, according to its website.

On September 9, 2022, Svolt Energy said it will build a cell factory for the European market in Lauchhammer, Brandenburg, Germany, which will be its second factory overseas.

Svolt Energy plans to produce the cells at its Lauchhammer facility and process them into packs at its Heusweiler facility, the company said at the time.

In 2019, Svolt Energy said it was aiming to build 120 GWh of power battery capacity globally by 2025.

It made several subsequent increases to that target and raised it to 600 GWh in December 2021.

In April, Svolt Energy installed 0.42 GWh of power batteries in China, ranking 8th with a 1.66 percent share, according to the China Automotive Battery Innovation Alliance (CABIA).

and had 10.26 GWh and 7.32 GWh of batteries installed in April, ranking first and second with 40.83 percent and 29.11 percent shares respectively.

Svolt Energy's Dragon Armor Battery makes real-life debut at Shanghai auto show

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Battery Data Battery News BYD CALB CATL China Electric eMobility eV Gotion High-Tech Monthly Data SNE Research Tesla

Global EV battery market share in Jan-April: CATL 35.9%, BYD 16.1%

In January-April, CALB's power battery installations of 8.4 GWh surpassed Samsung SDI's 7.5 GWh, according to SNE Research.

China's and (OTCMKTS: BYDDY) continued to be the world's two largest power battery manufacturers in January-April, the latest data show.

In January-April, global battery consumption for electric vehicles (EVs) totaled 182.5 GWh, up 49 percent from 122.5 GWh in the same period last year, according to data released today by South Korean market research firm SNE Research.

Among them, CATL installed 65.6 GWh of batteries from January to April, up 55.6 percent from 42.1 GWh in the same period last year.

The Chinese power battery giant continues to rank No. 1 in the world with a 35.9 percent share and remains the only one in the world with a market share of more than 30.0 percent.

This was higher than its 34.4 percent share in the same period last year and up from its 35.0 percent share in the January-March period.

CATL's batteries are installed in many major passenger EV models in China's domestic market, such as the Model 3, Model Y, SAIC Mulan, Y and ET5, as well as Chinese commercial vehicle models, and continue to grow steadily, SNE Research said.

BYD installed 29.4 GWh of power batteries from January to April, up 108.3 percent from 14.1 GWh in the same period last year.

The company ranked second with a 16.1 percent share from January to April, up from 11.5 percent in the same period last year but down from 16.2 percent in January-March.

BYD has gained popularity in China's domestic market with its competitive pricing by establishing a vertically integrated supply chain management, including battery self-sufficiency and vehicle manufacturing, SNE Research said.

With the launch of the Atto3 model, BYD showed explosive growth by expanding its market share outside of China in Asia and Europe, SNE Research said.

LG Energy Solution installed 25.7 GWh of power batteries from January to April, up 49.3 percent year-on-year.

The South Korean company ranked third in the world with a 14.1 percent share, unchanged from a year ago.

Japan's Panasonic was fourth with 8.2 percent share, South Korea's SK On was fifth with 5.2 percent share and China's CALB was sixth with 4.6 percent share.

South Korea's Samsung SDI of, China's Gotion High-tech of China, Eve Energy and Sunwoda ranked seventh, eighth, ninth and tenth respectively, with shares of 4.1 percent, 2.4 percent, 1.8 percent and 1.5 percent from January to April, respectively.

It is worth noting that CALB's power battery installed base of 8.4 GWh exceeded Samsung SDI's 7.5 GWh in the January to April period.

In January-March, CALB was 5.7 GWh, lower than Samsung SDI's 6.5 GWh.

In 2023, Chinese companies are expected to enter overseas markets such as the US and Europe in preparation for a gradual decline in growth rates in China's domestic market, the largest EV market, according to SNE Research.

The European EV market, which has relatively fewer political issues than the US, is attracting attention as a strategic point for seeking to diversify the battery supply chain, the report noted.

Going forward, the share of LFP batteries in Europe is expected to increase as Chinese companies enter the European market in earnest, the report said.

CATL unveils Condensed Battery for electric aircrafts and EVs

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Battery News Battery Prices China Electric eMobility eV Lithium Carbonate Lithium Prices Raw Materials Research Note

Battery cell prices in China fall 9% MoM in May, report says

Strong increases in lithium carbonate prices will not be immediately reflected in lithium battery prices, and prices of other raw materials are still falling, TrendForce said.

Battery cell prices in China fall 9% MoM in May, report says-CnEVPost

Prices for power battery cells continued to fall in May, even though the price of lithium carbonate, a key raw material, saw a big drop, according to a new report.

The average price of battery cells used in electric vehicles (EVs) fell about 9 percent in May from April, local research firm TrendForce said in a research note today.

The average price of square ternary cells fell 9.4 percent to RMB 0.75 ($0.1054) per Wh in China in May, while square lithium iron phosphate cells fell 9.5 percent to RMB 0.67 per Wh and soft pack ternary cells fell 9 percent to RMB 0.79 per Wh, according to the report.

The average price of battery-grade lithium carbonate in China has rebounded to RMB 254,300 per ton in May, up more than 28 percent from April, TrendForce said.

As of the end of May, battery-grade lithium carbonate was priced at RMB 305,000 per ton in China, up 57.22 percent from RMB 194,000 per ton on May 4, according to data from Mysteel monitored by CnEVPost.

Although the strong price increase in lithium carbonate is driving up the cost of cells, this will not be immediately reflected in lithium-ion battery prices in the short term, TrendForce said.

In addition, prices of other materials needed for lithium-ion batteries, such as cathode precursor materials, anode materials, diaphragms, electrolytes and PVDF, are still falling, so lithium-ion battery prices continued to be lower in May, the report said.

After a strong rebound in lithium prices in early mid-May, they have gradually stabilized in the second half of the month, TrendForce said, adding that the Chinese power battery market is still slowly recovering in May, with demand improving slightly.

Lithium prices rose rapidly on one hand because of the low willingness of suppliers to offer lower prices, and on the other hand because of increased demand from downstream battery makers to replenish their inventories in May, according to the report.

Lithium prices began a strong rebound in May, with a single-day gain of up to 10,000 yuan per ton, which is an irrational increase, TrendForce said.

Actual demand for lithium was not growing at a high rate, but was steadily recovering, TrendForce said, adding that the peak in demand is expected to come in June.

($1 = RMB 7.1190)

Lithium carbonate prices up RMB 2,500 per ton

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Battery News Battery Prices China Electric eMobility eV Lithium Carbonate Lithium Prices Raw Materials Research Note

Battery cell prices in China fall 9% MoM in May, report says

Strong increases in lithium carbonate prices will not be immediately reflected in lithium battery prices, and prices of other raw materials are still falling, TrendForce said.

Battery cell prices in China fall 9% MoM in May, report says-CnEVPost

Prices for power battery cells continued to fall in May, even though the price of lithium carbonate, a key raw material, saw a big drop, according to a new report.

The average price of battery cells used in electric vehicles (EVs) fell about 9 percent in May from April, local research firm TrendForce said in a research note today.

The average price of square ternary cells fell 9.4 percent to RMB 0.75 ($0.1054) per Wh in China in May, while square lithium iron phosphate cells fell 9.5 percent to RMB 0.67 per Wh and soft pack ternary cells fell 9 percent to RMB 0.79 per Wh, according to the report.

The average price of battery-grade lithium carbonate in China has rebounded to RMB 254,300 per ton in May, up more than 28 percent from April, TrendForce said.

As of the end of May, battery-grade lithium carbonate was priced at RMB 305,000 per ton in China, up 57.22 percent from RMB 194,000 per ton on May 4, according to data from Mysteel monitored by CnEVPost.

Although the strong price increase in lithium carbonate is driving up the cost of cells, this will not be immediately reflected in lithium-ion battery prices in the short term, TrendForce said.

In addition, prices of other materials needed for lithium-ion batteries, such as cathode precursor materials, anode materials, diaphragms, electrolytes and PVDF, are still falling, so lithium-ion battery prices continued to be lower in May, the report said.

After a strong rebound in lithium prices in early mid-May, they have gradually stabilized in the second half of the month, TrendForce said, adding that the Chinese power battery market is still slowly recovering in May, with demand improving slightly.

Lithium prices rose rapidly on one hand because of the low willingness of suppliers to offer lower prices, and on the other hand because of increased demand from downstream battery makers to replenish their inventories in May, according to the report.

Lithium prices began a strong rebound in May, with a single-day gain of up to 10,000 yuan per ton, which is an irrational increase, TrendForce said.

Actual demand for lithium was not growing at a high rate, but was steadily recovering, TrendForce said, adding that the peak in demand is expected to come in June.

($1 = RMB 7.1190)

Lithium carbonate prices up RMB 2,500 per ton

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