CNGR Advanced Material, a prominent Chinese producer of lithium-ion battery cathode materials, reported a substantial increase in its production of nickel-cobalt-manganese (NCM) oxide precursors during the first half of 2024. This growth is driven by surging demand from the electric vehicle (EV) market, solidifying CNGR’s strong position in the battery materials sector.
Global Capacity Expansion to Meet Rising Demand
In the first half of 2024, CNGR’s NCM precursor output increased by 8%, reaching 114,342 tons, with a 71% capacity utilization rate. Production of cobalt tetroxide and iron phosphate also showed significant growth, totaling 11,932 tons and 14,664 tons respectively, with capacity utilization rates of 98% and 88%. To address growing global demand, CNGR plans to expand its production capabilities by adding 230,000 tons of new NCM precursor capacity—120,000 tons in Morocco and 110,000 tons in South Korea.
CNGR has also strengthened its position in the cobalt market by starting deliveries of cobalt metal from its 2,000 t/yr production facility in Qinzhou, Guangxi, in July. Additionally, the company’s nickel cathodes were approved for listing on the London Metal Exchange in February 2024, further establishing CNGR’s presence in the global battery supply chain.
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