LiFePO4 battery is getting more and more favor from automobile manufacturers, and its market share is increasing. According to the latest data of China automotive power battery industry innovation alliance, in January, China's lithium iron phosphate battery output was 5.2gwh, accounting for 43.1% of the total output, with a year-on-year growth of 493.6%; the loading capacity of lithium iron phosphate battery was 3.3gwh, with a year-on-year growth of 349.8%. The growth rate of production and loading capacity is far higher than that of ternary battery.
Because LiFePO4 battery has the advantages of higher safety and lower cost compared with ternary battery, it is favored by more automobile manufacturers and the industry is prosperous.
Enterprises add lithium iron phosphate one after another
According to the latest data of China automotive power battery industry innovation alliance, in January, China's power battery output totaled 12.0gwh, up 317.2% year on year. Among them, the output of ternary battery was 6.8gwh, accounting for 56.8% of the total output, with a year-on-year growth of 241.6%; the output of lithium iron phosphate battery was 5.2gwh, accounting for 43.1% of the total output, with a year-on-year growth of 493.6%. The output growth rate of LiFePO4 battery is far higher than that of ternary battery, and the market share is increasing.
In terms of loading capacity, the loading capacity of LiFePO4 battery also showed a rapid growth. In January, China's power battery loading volume totaled 8.7gwh, up 273.9% year on year. The loading capacity of ternary battery and LiFePO4 battery was 5.4gwh and 3.3gwh respectively, with a year-on-year growth of 241.9% and 349.8% respectively.
With the growth of the demand for LiFePO4 batteries, the suppliers of LiFePO4 materials have recently expanded their production capacity by means of additional investment.
On February 19, 2021, Yiwei lithium energy announced that it agreed Huizhou Yiwei Power Battery Co., Ltd., a wholly-owned subsidiary of Yiwei Power Hong Kong Co., Ltd., a wholly-owned subsidiary of Yiwei Power Hong Kong Co., Ltd., to invest in the construction of "passenger car lithium ion power battery project (phase I)" and "xhev battery system project (phase I)" with its own and self raised funds, with the investment amount of no more than 1 billion yuan and 2.6 billion yuan respectively. Yiwei lithium energy said that the investment mainly meets the supporting needs of international well-known car companies and domestic new car manufacturing forces.
On February 2, Ningde Times announced that the company plans to invest in the construction of phase V and phase VI projects of Yibin power battery manufacturing base in Lingang Economic and Technological Development Zone, Yibin City, Sichuan Province, with a total investment of no more than 12 billion yuan. It is planned to invest less than RMB 12 billion in the construction of Ningde battery and times.
On January 19, German nano announced that the company signed an investment agreement with Ningde times and the people's Government of Jiang'an County, Yibin City, Sichuan Province, and agreed to invest in the construction of "an annual output of 80000 tons of lithium iron phosphate project" in Jiang'an County, with a total investment of about 1.8 billion yuan.
According to the calculation of CITIC Securities, by the end of 2020, the total effective production capacity of major manufacturers of LiFePO4 cathode materials (including BYD and GuoXuan High Tech) in China is about 230000 tons, with a year-on-year growth of over 30%. The top four manufacturing enterprises in the industry are German nano, Hubei Wanrun, Hunan Yuneng and beiterui, with the total production capacity of the above enterprises accounting for more than 65%. It is estimated that by the end of 2021, the effective production capacity of major manufacturers of LiFePO4 cathode materials in China will be about 325000 tons, with a year-on-year increase of more than 40%.
