China Green Energy
Jun 9, 2023
1. President Xi Jingping visited Hohhot, Inner Mongolia on June 7th. During his visit to the Central Industrial Park, he was introduced the local development of new energy and new material industries, the promotion of industrial structure optimization and adjustment, and the promotion of green and low-carbon development.
2. China's lithium-ion battery industry experienced a 45% YoY increase in total output during March-April 2023, exceeding 138GWh. Energy storage lithium battery output was approximately 22GWh, and new energy vehicle power battery installed capacity was around 53GWh. Export trade also grew, with total exports reaching 75.4 billion yuan during the same period, according to research institutes.
3. On June 9, data from the China Automobile Association showed that in May, the installed capacity of power batteries in China was 28.2GWh, a YoY increase of 52.1% and an MoM increase of 12.3%.
4. China's new energy vehicle market is booming! In May alone, 713k were produced and 717k were sold, up 53% and 60.2% YoY. From Jan-May, NEV production and sales reached 3.005m and 2.94m respectively, according to recent data from the China Automobile Association.
5. At the 2023 World Power Battery Conference on June 9, CATL Chairman Zeng Yuqun announced that the global installed capacity of power batteries had surged to 517.9GWh in 2022, which is a remarkable YoY rise of 71.8%. According to BNEF's predictions, the demand for power batteries in the market is expected to reach 4.8TWh by 2030.
6. Global solar PV manufacturing capacity is set to nearly double next year, reaching almost 1 TW, according to the IEA. This expansion would be sufficient to meet the agency's annual net zero demand for 2050, which anticipates PV deployment of nearly 650 GW in 2030 and almost 310 GW in 2024. However, the industry is grappling with the challenge of oversupply.
7. Recently, battery cell manufacturer AESC (formerly Envision AESC) has begun construction of its new factory in the US state of South Carolina, which will supply BMW with cylindrical cells in the future. Announced in December 2022, the production facility in Florence County is scheduled to come on stream in 2026.
8. China Southern Power Grid and China Three Gorges Corporation signed a strategic cooperation agreement on June 8 in Guangzhou. Their joint efforts will focus on advancing China's goals for Emission Peak and Carbon Neutrality.
9. BYD's chairman, Wang Chuanfu, recently shared that the company will be focusing on synergy in power and energy storage for the year. He also expressed skepticism towards ultra-long battery life and battery replacement mode.
10. The China Photovoltaic Industry Association reports robust production growth among Chinese solar manufacturers, while the China Nonferrous Metals Industry Association confirms an ongoing decline in polysilicon and cell prices.
