China’s increase in EV sales in 2021

Energy

In 2021, China’s EV output could reach 1.8 million modules, up 40% from the previous year, stated Xu. Additionally, he said optimism in EV purchases could be due to sustainable economic growth, continuing reward policies for vehicle use, and manufacturers’ marketing strategies. Personal EV intake soared this year to almost 70%, from 20% since 2018. EV selling contributed to approximately 60 percent, which revealed there is still plenty of space to increase EV purchases for personal customers in cities lacking an expanded vehicle sales growth as stated by Ma Chunsheng, Vice Head of the Program of Vehicle Production Chinese Ministry of Industry and Technology.

Over the coming five years, the rise in China’s commercial vehicles will stay steady and hit 30 million by 2025, according to CAAM deputy state secretary Fu Bingfeng. Likewise, S&P Global Platts estimates, based on a recent 2021-35 electric car market growth strategy, found that the purchase of new energy vehicles is projected to constitute 20% of the overall new automobiles’ production by 2025. China’s electric car revenues could hit 6 million modules in 2025. As per data published by the China Car Power Battery Industry Innovation Alliance – the biggest user of battery elements – energy battery production improved 40.7 percent annually and 29.1 percent monthly.

Ternary battery performance grew to 35.6% per year and 30.1% every month to 7.3 GWh of the overall sales. Likewise, lithium iron phosphate batteries’ demand grew by 49.3% per annum and 25.1% every month to 5.4 GWh. According to industry sources, the promising future of electric power production and batteries would further raise requirements for cell metals such as lithium and cobalt metals. In China, local lithium carbonates’ prices soared to Yuan 4,500/mt in December, with analysts reporting that limited supply rates, especially for commercial lithium carbonates, were rising as demand increased.

The carbonate cell cost was expected to be in the Yuan area for 50,000/mt in advance, some few articles said, even before the Monday holiday. On December 11th, Platts evaluated Yuan 48.000/mt capacitor lithium carbonate, whereas Yuan 2.000/mt higher was evaluated with Yuan 50.000/mt. Both evaluations focused on DDP China. The peak value of lithium carbonate during January 10th has been 8,000/mt following the periodic stop-start increase started on September 9th. The rise in the country’s EV sales presented a challenge to the rest of the countries venturing into EV production.

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