Recently, the Ministry of Industry and Information Technology (MIIT) released the Operation Status of China’s Lithium-ion Battery Industry in 2023. The output of power lithium-ion batteries in 2023 reached 675 GWh, representing a year-on-year increase of 23.65% compared to 2022 (545.9 GWh).

While production is still growing, the growth momentum has significantly declined, with the growth rate plummeting by 84% — the production of power lithium-ion batteries in 2022 increased by 148.5% compared to 2021. Data also indicates a significant decrease in the prices of lithium-ion battery industry products throughout 2023, with the prices of battery cells and battery-grade lithium salts dropping by over 50% and 70%, respectively.

According to information released on the MIIT website in 2023, China’s lithium-ion battery industry continued its growth trend. Based on enterprise information announced in lithium-ion battery industry standards and calculations by industry associations, the total output of lithium-ion batteries nationwide exceeded 940 GWh, representing a 25% year-on-year increase, with the industry’s total output value surpassing approximately $194.5 billion.