The data shows that the production and sales volume of Chinese EVs from January to June 2024 were respectively 4.929 million and 4.944 million units, representing a year-on year increase (YoY increase) of 30.1% and 32%. And the domestic sales reached 4.339 million units with a 35.1% increase year-on-year, while exports reached 605,000 units with a 13.2% increase year-on-year. Industry insiders said that under the influence of factors such as low consuming willingness in the domestic automotive sector as well as strict international trade barriers, the growth of both domestic and international EV sales have slowed down.
01 – Electric Vehicles Equipped with LFP Batteries Account for over 90% of Market Shar
According to statistics, there are a total of 513 EV models from 194 enterprises during declaration, which is 94 fewer than the last Declaration No. 384. Among them, there are 433 PEV models from 144 enterprise, 60 PHEV models from 36 enterprises and 20 FCEV models from 14 enterprises. Compared with the number announced in the last declaration, PHEV models saw a growth while PEVs and FCEVs decreased by 94 and 4 models respectively.
As classified by battery type, there are 464 vehicle models with LFP batteries, 28 ones with ternary polymer batteries, 15 ones with LMO batteries, one with mixed ternary and LMO hybird battery, and 5 undefined ones.
It is clear from the announcement that EVs equipped with LFP batteries have already accounted for more than 90% of total EV models, taking the lead in market share of new energy sector. With the range of domestic LFP EVs surpassing 700 kilometers and the widespread adoption of 2C-4C fast-charging technology in the future, we may witness lithium iron phosphate batteries unleashing even greater potential.
Meanwhile, in spite of more limited application compared with LFP and ternary batteries, LMO batteries remain competitive due to the low costs and strong safety features. 15 new models equipped with LMO batteries in this declaration also illustrates its market recognition.
As classified by the automobile category, there are 77 New Energy Passenger vehicles, 30 Buses and 404 Special Vehicles. In terms of the market share, new energy passenger vehicles still take first place in the EV sector. However, as several automobile and battery companies expand their layouts, the proportion of special vehicles has shown a relatively active growth from this year.
02 – The MoM Increase of Battery Swapping Trucks Exceeds 60%
Under the backdrop of sluggish demand for passenger vehicles, automobile and battery companies have to focus on various fields in diversified markets experiencing substantial demand volume, to further the market share of their products.
Data shows that in June 2024, the sales of Chinese new energy heavy trucks set a new monthly record by reaching 6,974 units (excluding exports, the same below). The YoY and MoM increase reached 149% and 34% respectively, revealing the 17th consecutive month of YoY growth.
Moreover, the new energy heavy truck market has seen over 100% YoY growth for 4 consecutive months with an average monthly growth rate of 138% in the first half of this year, indicating sustained sales improvement.
A large number of new energy heavy truck companies doubled their YoY sales volume in June this year. Based on this, an announcement regarding new EV models, in which new energy trucks play a main role, is attracting widespread attention to the industry.
Among 404 new models of special vehicles in this declaration, there are 353 types of Pure-Electric Special Vehicles, 32 Plug-in Hybrid Special Vehicles, and 19 Fuel-Cell Special Vehicles, as classified by vehicle type.
As classified by battery type, there are 376 special vehicle models equipped with LFP batteries, the most ever. And it is followed by 14 models equipped with LMO batteries, 9 with ternary polymer batteries, and 5 undefined ones.
In terms of battery suppliers for these special vehicle models, 255 models are from CATL, 42 from CALB, 37 from Gotion High-tech, 30 from EVE Energy, 22 from FinDream, 10 from MGL, 8 models from Battero Tech, 6 from Ganfeng LiEnergy, 4 from Shaanxi Coal and Chemical Industry, 3 each from SVOLT/Greater Bay Technology, 2 each from Farasis Energy/Zenergy/Microvast Power System/Phylion Battery, and 1 each from Sunwoda/Rept Battero Energy/Secruipu Power Battery/Lead Power/ANC.
Among the segmented models of new energy truck models listed, there are 309 models of charging trucks, marking a MoM decrease of 16.3%. In contrast, there are 44 models of battery swapping trucks, a significant MoM increase of 63%, indicating a faster growth rate.
In terms of the market share, battery swapping trucks, especially battery swapping heavy trucks, basically reflect the development trend of this market as the dominant force. Moreover, due to the high efficiency of battery-swapping modes in energy replenishment, it is more suitable for long-distance logistics and transportation scenarios with high economic benefits, such as trunk routes. It is expected that the market share of battery-swapping heavy trucks in the new energy heavy truck sector will continue to increase in the foreseeable future.
Based on this, part of leading battery companies have already positioned themselves in product R&D and market expansion. In June 2023, CATL released its one-stop solution for heavy truck’s chassis-based battery swapping. By utilizing a modular design with a single battery module of 171kWh, users can customize their power needs by selecting 1 to 3 battery modules.
On March 28, 2024, Sany Group launched Jiangshan SE, its battery swapping heavy truck equipped with Mota MTB batteries produced by Gotion High-Tech. Benefiting from this battery swapping technology, the truck is able to increase its maximum energy capacity from 350kWh to 437kWh, marking an improvement of nearly 25%. Simultaneously, the volume of battery packs across its entire range of models has been reduced by 17%-48%, and the battery weight is also reduced by 138kg-230kg compared to previous models.
Lishen Battery plans to launch a new heavy truck battery featuring a 230Ah long cycle life, utilizing lithium source slow-release technology, material grading technology, and gradient electrode technology. It will achieve an energy density of 180Wh/kg and a cycle life exceeding 10,000 cycles, suitable for a wide range of applications including battery-swapping heavy trucks, electric ships, and electric buses, etc.
At the same time, the current price war of passenger vehicles continues. Many automakers have reduced costs to the maximum extent possible. Advanced battery technologies such as super-charging may disrupt the passenger vehicle market landscape in the second half of the year. Empowering the special vehicle market with technologies like battery swapping will expand the application scenarios for the electrification of heavy trucks. And the sales of new energy, heavy trucks will be expected to reach a new peak in the second half of this year.
Source: WeChat Official Account—CBEA
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