China EV battery installations in Mar: CATL share 44.87%, BYD 26.79%

CATL‘s share in March decreased by 10.29 percentage points from February, while BYD increased by 9.04 percentage points.

CATL’s share of China’s electric vehicle (EV) battery market declined in March from February, while BYD (HKG: 1211, OTCMKTS: BYDDY) saw a significant increase, as sales of the latter’s new energy vehicles (NEVs) rebounded.

In March, China’s installations of power batteries was 35.0 GWh, up 25.8 percent year-on-year and up 94.6 percent from February, according to data released today by the China Automotive Battery Innovation Alliance (CABIA).

CATL’s power battery installed capacity in March was 15.54 GWh, ranking first with a 44.87 percent share, though down 10.29 percentage points from February’s 55.16 percent share.

BYD’s power battery installed capacity in March was 9.28 GWh, ranking second with a 26.79 percent share, up 9.04 percentage points from February’s 17.75 percent.

BYD’s big jump in share last month could be attributed to a rebound in its NEV sales. The company sold 302,459 NEVs in March, up 147.29 percent from 122,311 in February.

In February, BYD’s NEV sales decreased by 39.30 percent from January to 122,311 units, mainly due to the Chinese New Year holiday.

CALB ranked third with a 6.66 percent share of 2.31 GWh of installed power batteries in March, up 0.28 percentage points from 6.38 percent in February.

Eve Energy ranked fourth in March with an installed base of 1.81 GWh and a 5.24 percent share.

China’s lithium ternary battery installed capacity in March was 11.3 GWh, accounting for 32.4 percent of the total, up 29.7 percent year-on-year and up 62.9 percent from February.

Lithium iron phosphate (LFP) battery installed capacity was 23.6 GWh, accounting for 67.6 percent of the total, up 24.1 percent year-on-year and up 114.6 percent from February.

CATL, CALB, and Svolt Energy were the top three in terms of installed capacity of ternary batteries in March, with shares of 67.31 percent, 7.66 percent, and 7.60 percent, respectively.

In the LFP battery market, BYD, CATL, and Eve Energy were the top three in terms of installed capacity in March, with shares of 39.27 percent, 34.44 percent, and 7.07 percent, respectively.

Global EV battery market share in Jan-Feb 2024: CATL 38.4%, BYD 13.1%