China's power battery output surges 98.1% in October

BEIJING -- China's installed capacity of power batteries registered rapid growth in October 2022 amid the boom in the country's new energy vehicle market, industry data showed.

Last month, the installed capacity of power batteries for NEVs rose by 98.1 percent year-on-year to a total of 30.5 gigawatt-hours, according to the China Association of Automobile Manufacturers.

About 10.8 GWh of lithium iron phosphate (LiFePO4) batteries were installed in NEVs, up 35.4 percent from a year earlier, accounting for 55.2 percent of the monthly total.

According to the association, China's NEV market saw a remarkable expansion in October. The output of NEVs in the country reached 762,000 units last month, up 87.6 percent year-on-year, while the sales of NEVs rose 81.7 percent from a year earlier to 714,000 units.