China’s lithium battery output exceeds 940 GWh in 2023 as exports rise over 30%

China’s lithium-ion battery output exceeded 940 GWh in 2023, rising 25%, MIIT reported on 1 March 2024. Industry output value topped RMB 1.4 trillion, while exports reached RMB 457.4 billion, up more than 33%.

Traction batteries accounted for most production at 675 GWh, followed by storage batteries at 185 GWh and consumer batteries at 80 GWh. Traction battery installations in new energy vehicles exceeded 435 GWh.

Cathode and anode materials, separators and electrolyte output reached about 2.3 million tonnes, 1.65 million tonnes, 15 billion square metres and 1 million tonnes, each increasing by more than 15%. Lithium carbonate and hydroxide output was about 463,000 and 285,000 tonnes.

Prices fell sharply despite rising output. MIIT reported cell price declines of more than 50% and battery-grade lithium salt declines of more than 70%. Battery-grade lithium carbonate averaged RMB 258,000 per tonne over the year.