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In October, the average price of power battery cells in China continued its downward trend. However, compared to the price trends in August and September, the decline in October was relatively restrained. The month-on-month decline for EV cells was approximately 2%, lithium cobalt oxide cells for consumer electronics experienced a 1.3% monthly decline, and energy storage cells had the largest decline, with a 3.3% monthly drop.

In 2024, China’s new energy vehicle market still possesses strong growth resilience. Additionally, sales of electric vehicles in Europe and North America are expected to further grow, especially in the United States. Currently, the electrification rate in the United States (referring to BEV, PHEV) has not yet surpassed 10%, indicating significant growth potential under the trend of electrification.

The progress in localizing the power battery industry in Europe is slow and in the short term, the U.S. market, which is currently dominated by Japanese and South Korean battery manufacturers, will still rely on the Chinese supply chain. Therefore, it is expected that China’s exports of lithium-ion batteries will perform well in 2024.

However, the continuous release and ramp-up of new capacity in China’s lithium battery industry in 2023, leading to overcapacity, is expected to persist until 2024. It is anticipated that the prices of power batteries in China will continue to decline slowly in 2024.

Source: Wechat Official Account—TrendForce集邦

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