China's lithium-ion battery sector posts rapid growth in Jan-Oct

BEIJING -- China's lithium-ion battery industry sustained rapid expansion in the first 10 months of 2022, official data showed.

The total output of lithium-ion batteries exceeded 580 gigawatt-hours (GWh) in the January-October period, data from the Ministry of Industry and Information Technology showed.

Specifically, the output of lithium-ion batteries used for consumer products surpassed 84 GWh. The installed capacity of power batteries for new energy vehicles (NEVs) came in at about 224 GWh in the first 10 months.

Exports of lithium-ion battery products soared 87 percent year-on-year, according to the ministry.

The boom in China's lithium-ion battery industry came amid rising consumer demand for NEVs. From January to November, 5.03 million units of new energy passenger cars were sold via retail channels in the country, skyrocketing 100.1 percent from a year ago, according to China Passenger Car Association.