China’s power battery market experienced impressive growth in December, with a total installed capacity of 75.4 GWh. This marks a 57.3 percent increase from the previous year and a 12.2 percent rise from November.
CATL maintained its market leadership, securing 34.29 GWh and capturing a 45.48 percent share, up from 42.71 percent in November. BYD followed with an installed capacity of 17.49 GWh, holding 23.19 percent of the market despite a slight dip from the previous month. CALB ranked third with 4.2 GWh, representing a 5.57 percent market share, down slightly from November.
The focus on lithium iron phosphate (LFP) batteries paid off, with installations reaching 61 GWh, which accounted for 80.9 percent of the total capacity. This represents an impressive 95.1 percent year-on-year growth.
For the entire year of 2024, China’s total power battery installed capacity reached 548.4 GWh, showing a significant growth of 41.5 percent. CATL remained the top player with a 45.08 percent market share, followed by BYD and CALB, reinforcing their positions in the expanding electric vehicle battery market.
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