In the context of the booming development of new energy vehicles, a total of 2.2 million electric vehicles were sold worldwide in 2019, up 14.5 percent year-on-year, accounting for 2.5 percent of total vehicle sales. Meanwhile, BYD was overtaken by Tesla in second place in terms of new energy vehicle sales. 367,820 electric vehicles were sold by Tesla in 2019, ranking first in the world and accounting for 16.6 percent of the global total.
China, the world's largest producer and seller of new energy vehicles, cut subsidies for new energy vehicles in 2019, with sales of 1.206 million new energy vehicles, down 4 percent year-on-year and accounting for 4.68 percent of the global total. About 972,000 of them were electric vehicles and 232,000 plug-in hybrid vehicles.
The global boom in new energy vehicles has driven the development of the lithium-ion battery industry, with shipments of lithium-ion batteries increasing by 16.6 percent over the previous year to 116.6 GWh in 2019.
Among the top 10 battery companies in terms of shipment volume, five Chinese companies - Ningde Times, BYD, AESC (acquired by Vision), Guoxuan High Tech and Lixin Battery - ranked among the top 10. Ningde Times has been the global champion of power battery shipments for three consecutive years, with its shipments reaching 32.5 GWh in 2019, up 30.5% year-on-year, accounting for 27.9% of global shipments.
In 2019, China installed a total of 62.28 GWh of lithium batteries, up 9.3 percent year-on-year. Assuming the production of 5.9 million new energy vehicles in 2025, the demand for power batteries will reach 330.6 GWh, with a CAGR of 32.1 percent from 62.28 GWh in 2019.
In China, power batteries are dominated by ternary batteries. 64 companies in the Chinese new energy vehicle market will provide ternary batteries in 2019, with installed capacity increasing 22.4 percent year-on-year to 40.92 GWh, accounting for 65.7 percent of total installed capacity (up nearly 7 percentage points from 2018). 38 companies will provide lithium iron phosphate batteries, with installed capacity decreasing 6.4 percent to 20.26 GWh. 26GWh, accounting for 32.5% of the total installed capacity (down about 6 percentage points from 2018). The installed capacity of other types of power batteries was 1.11 GWh, accounting for 1.8 percent of the total.
