The production and sales of power batteries are steadily increasing
2023-04-13
On April 11th, the reporter learned from the China Association of Automobile Manufacturers (CAAC) that in March, the new energy vehicle market continued to develop well, and production and sales continued to maintain rapid growth. Driven by this, the production and sales of power batteries in China are steadily increasing. Meanwhile, the export of power batteries continues to accelerate. In March, the sales of power batteries in China totaled 44.3 GWh, an increase of 81.1% year-on-year. Among them, the power battery export is 8.8GWh. According to data released by the China Automobile Association for the continuation of high growth in new energy vehicles, in March, China's production and sales of new energy vehicles reached 674000 and 653000, respectively, with a month on month increase of 22% and 24.4%, a year-on-year increase of 44.8% and 34.8%, and a market share of 26.6%. From January to March, the cumulative production and sales of new energy vehicles reached 1.65 million and 1.586 million, respectively, with year-on-year growth of 27.7% and 26.2%, and a market share of 26.1%. Among the main varieties of new energy vehicles, compared to the same period last year, the production and sales of pure electric vehicles and plug-in hybrid vehicles showed a significant growth trend, while the production and sales of fuel cell vehicles showed varying degrees of decline. From January to March, the top ten automobile sales companies (groups) sold a total of 5.057 million vehicles, accounting for 83.2% of the total automobile sales. Among the top ten companies in automotive sales, BYD's sales growth rate is the most significant compared to the same period last year. BAIC Group, Chery Holdings, and Tesla also showed double-digit growth, with some companies experiencing varying degrees of decline. According to the China Automobile Association, in the first quarter, the automotive industry entered a period of promotional policy switching. Factors such as the withdrawal of traditional fuel vehicle purchase tax incentives and the end of the "national subsidy" for new energy vehicles led to early consumption at the end of last year. The relevant follow-up policies are still unclear. The price reduction of new energy vehicles since the beginning of the year and the promotion wave since March have also caused fluctuations in the end market, and the overall operation of the automotive industry is facing significant pressure. CITIC Securities believes that with the acceleration of the electrification process on the supply side of domestic brands, the gradual enrichment of the vehicle model product matrix, and the continuous increase in recognition on the demand side, domestic brands will be the main body of sales growth in the future, with significant sales elasticity space. It is expected that the sales of electric vehicles in China will reach 9.57 million units in 2023, a year-on-year increase of 39%. The demand for power batteries has greatly increased, driven by the demand for new energy vehicles, and China's production and sales of power batteries have achieved rapid growth. According to data released by the China Automotive Power Battery Industry Innovation Alliance, in March, China's power battery sales totaled 44.3 GWh, a year-on-year increase of 81.1%. Among them, the sales volume of ternary batteries was 17.8GWh, accounting for 40.2% of the total sales volume, with a year-on-year increase of 60.5%; The sales volume of lithium iron phosphate battery was 26.5 GWh, accounting for 59.7% of the total sales volume, with a year-on-year growth of 98.5%. From January to March, the cumulative sales of power batteries in China reached 108.5 GWh, a year-on-year increase of 66.8%. Among them, the cumulative sales of ternary batteries were 44.7GWh, accounting for 41.3% of the total sales, with a year-on-year increase of 62.5%; The cumulative sales volume of lithium iron phosphate battery is 63.6GWh, accounting for 58.6% of the total sales volume, with a year-on-year growth of 70.2%. Power battery manufacturer
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：China Secruities Dairy
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