GGII: This year, China plans to invest around 496 billion yuan in lithium batteries and major materials, sodium batteries and cathodes and anodes materials, as well as solid-state batteries.

In 2024, China's lithium battery new energy industry entered a period of adjustment, with a significant decrease in investment in expansion projects. According to incomplete statistics from the GGII Industrial Research Institute, in 2024, China's planned investment in lithium batteries, major materials, sodium batteries, positive and negative electrode materials, and solid-state batteries totaled approximately 496 billion yuan, a year-on-year decrease of 64%. Specifically: 1) In terms of lithium batteries, In 2024, China had approximately 60 new planned projects for lithium batteries, a decrease of 37% compared to 2023, with a planned capacity of approximately 590GWh, a decrease of nearly 60% from 2023. Based on the investment amounts disclosed by the projects, the total planned investment in lithium batteries in China in 2024 exceeded 180 billion yuan, a decrease of 68% from 2023. 2) In terms of lithium battery materials, In 2024, China planned to invest a total of 136 billion yuan in positive electrode materials, negative electrode materials, electrolytes, separators, and copper foil for lithium batteries. The planned investment amounts for copper foil and electrolytes saw the largest decrease, both dropping by over 90%, mainly due to low processing fees for copper foil and high copper prices, as well as low cash sales ratios for electrolyte companies; the planned investment amount for negative electrode materials saw the smallest decrease at 37%, mainly driven by new products such as 46-series large cylindrical batteries and semi-solid-state batteries, increasing demand for fast-charging negative electrode materials, silicon-based negative electrode materials, and other products. 3) In terms of solid-state batteries, In 2024, China had approximately 33 new planned projects for solid-state batteries, with a planned capacity of approximately 138GWh and a total planned investment of around 74.5 billion yuan, a decrease of 35% from the previous year, lower than the decrease in lithium batteries. 4) In terms of sodium batteries, In 2024, China had approximately 27 new planned projects for sodium batteries, with a planned capacity exceeding 180GWh and a total planned investment exceeding 82 billion yuan, a year-on-year decrease of 35%, including three projects with a billion-yuan investment: Sichuan Jueneng Energy Storage Hohhot 50GWh Sodium Battery and Energy Storage Industrial Park Project (20 billion yuan), BYD Company Limited (Xuzhou) Sodium-ion Battery Project (10 billion yuan), and Hubei Jingzhou Economic Development Zone Putai Energy Technology Sodium-ion Battery Integrated Production Project (over a billion yuan). 5) In terms of sodium battery materials, In 2024, China planned to invest approximately 16.4 billion yuan in positive electrode materials for sodium batteries, a decrease of 59% year-on-year; with a planned production capacity of around 490,000 tons, a decrease of 40% year-on-year; for negative electrode materials for sodium batteries, the planned investment amount was approximately 6 billion yuan, a 20% increase year-on-year, with a planned production capacity of around 230,000 tons, a 22% increase year-on-year. Negative electrode materials for sodium batteries were the only segment that saw growth. The total planned investment in lithium batteries and major materials, sodium batteries and positive and negative electrode materials, and solid-state batteries from 2023 to 2024 Data source: GGII Industrial Research Institute, December 2024 overall, in 2024, the investment expansion pace in domestic lithium batteries and materials, solid-state batteries, sodium batteries and materials slowed down, but investments in new products such as solid-state batteries, sodium batteries and materials remained relatively active. Looking ahead to 2025, GGII predicts that expansions in lithium batteries and materials companies will continue to be cautious, with a new expansion cycle expected in 2026. In 2027, sodium batteries are expected to accelerate industrialization (shipment volume > 10GWh), and full solid-state batteries are expected to achieve small-scale production. Local governments should always pay attention to industry development trends, focus on potential companies with strong capabilities in new technology innovation, in order to attract more high-quality projects.