China’s leading EV battery manufacturers, CATL <300750.SZ> and BYD <002594.SZ>, are targeting the expanding stationary energy storage market. Here are the key figures from their energy storage operations:
CATL has held the top global position for energy storage battery deliveries since 2021, commanding over 40% of the market share, as reported in its annual report. Its major clients include state-owned power companies like Huaneng and leading energy storage system manufacturers such as Sungrow Power Supply (300274.SZ).
In 2023, CATL’s energy storage battery deliveries surged by 46.8% to 69 gigawatt-hours (GWh), surpassing the 32.6% growth in its EV battery sector. Energy storage batteries represented 17.6% of CATL’s total battery sales volume, an increase from 12.5% in 2021. Additionally, CATL is set to supply battery cells and packs to Tesla’s (TSLA.O) new export-focused Megapack storage facility in Shanghai, which is expected to commence production in early 2025 and aims to export globally. This plant will produce 10,000 Megapacks annually, equating to a combined 40 GWh of storage capacity, according to official media reports.
BYD, on the other hand, delivered 22 GWh of energy storage batteries in 2023, a 57% increase from the previous year, outpacing its 15.6% growth in EV battery shipments, as noted by SNE Research. In comparison, BYD’s EV battery shipments totaled 135 GWh last year.
Smaller competitors such as EVE, REPT, and HITHIUM also experienced significant growth in their energy storage battery sales in 2023, with each seeing over 100% growth and capturing 11%, 8%, and 7% of the 185 GWh global market, respectively.
