The lithium-ion battery capacity of China, the world's largest electric vehicle market, is also growing in parallel. Official data show that China's lithium-ion battery industry continues its growth momentum in 2023, with total production increasing by 25 percent annually.
According to data announced by the Ministry of Industry and Information Technologies, the sector's total lithium-ion battery production exceeded 940 gigawatt hours (GWh) last year. In the same period, the production value of the industry exceeded 1,4 trillion yuan (approximately 197 billion dollars).
The output of lithium-ion batteries for power storage amounted to 185 GWh. The installed capacity of power batteries exceeded 435 GWh. The data revealed that lithium-ion battery exports in 2023 increased by 33 percent compared to the previous year, reaching 457,4 billion yuan.