From Jan. to Feb. 2024, exports of lithium iron phosphate batteries exceeded 40% Mar 19, 2024

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Market data shows that from January to February 2024, among China's power battery exports, the export volume of lithium iron phosphate batteries reached 7.5GWh, accounting for 45%. Among them, in January, the export proportion of LiFePO4 batteries reached 50.5%.

Compared with the data in 2023, China's lithium iron phosphate battery exports accounted for 30% overall, and the export proportion of lithium iron phosphate batteries in 2024 has increased significantly. Behind this is the result of Chinese battery manufacturers’ continued breakthroughs in overseas markets.

What can also be verified by data is that according to the ranking of power battery market share in non-China regions in January 2024 released by the Korean Statistics Agency, CATL continues to maintain its leading position with a market share of 5.7GWh. BYD, which focuses on lithium iron phosphate battery products, has experienced significant growth. Its power battery shipments in overseas markets have increased from 0.3GWh in January 2023 to 1.2GWh in January 2024, a year-on-year increase 261.7%.

In recent years, driven by the innovation of domestic battery companies' material systems and structural systems, lithium iron phosphate battery technology has always been the advantage of domestic battery companies. The success of lithium iron phosphate batteries in the domestic new energy market, especially in terms of cost structure, has driven electric vehicles to have "the same price of oil and electricity" or even "lower electricity than oil", making China's lithium iron phosphate technology move from domestic to overseas and gradually change International car companies and battery manufacturers have stereotypes about lithium iron phosphate batteries.

In recent years, car companies such as Tesla, Volkswagen, General Motors, Ford, and Northvolt have been increasing the installed capacity of lithium iron phosphate batteries. Traditional international ternary battery giants Samsung SDI, LGES, and SK On have also successively announced the addition of lithium iron phosphate batteries. Plan for battery production line. Among them, LGES recently signed an order for 160,000 tons of lithium iron phosphate cathode materials with Longpan Technology. The emergence of China's first overseas large order for lithium iron phosphate cathode materials marks the official expansion of China's lithium iron phosphate material supply system overseas.

From the perspective of market demand, the domestic market structure has formed a market pattern of 30% to 70% for ternary and iron-lithium, and the international market is also accelerating the shift from ternary to iron-lithium. According to the time when overseas lithium iron phosphate batteries are put into production, the battery factory jointly owned by Ford and CATL, South Korea's three major battery companies LGES, SK On, and Samsung SDI will mostly produce lithium iron phosphate batteries in 2026 or even later.

As overseas battery manufacturers accelerate their efforts to replenish lithium iron phosphate battery production capacity and the demand for overseas lithium iron phosphate installed capacity continues to increase, China's exports of lithium iron phosphate batteries are also expected to grow further.

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