Chinese lithium-ion battery cathode active material (CAM) manufacturer, Beijing Easpring, reported a notable increase in production during the first half of 2024, driven by the growing demand from the new energy vehicle (NEV) sector. The company’s total CAM output rose by 24% year-over-year, reaching 35,955 tons, as the adoption of NEVs in China continues to accelerate.
Of the total output, 20,902 tons were lithium nickel-cobalt-manganese oxide (NCM), 1,755 tons were lithium cobalt oxide (LCO), and 13,298 tons were lithium (manganese) iron phosphate. This growth is aligned with China’s rapid transition from internal combustion engine vehicles to NEVs, which now account for over 40% of the domestic market. As a result, China’s lithium-ion battery shipments climbed to 459GWh in the first half of the year, representing a 21% increase from the previous year.
To support this growth, Easpring established a joint venture with Sichuan Shudao New Material Technology in 2022, forming Easpring Shudao (Panzhihua) New Material. The joint venture is developing a large-scale CAM production complex in Panzhihua city, Sichuan province, which will have a total capacity of 300,000 tons per year. The first phase, with an annual capacity of 120,000 tons for lithium (manganese) iron phosphate, began production in the first half of 2024, while plans for an additional 200,000 tons per year for NCM are underway, though further details have yet to be disclosed.
Easpring has also expanded its international footprint. In November 2021, it partnered with Finnish Minerals and South Korean battery maker SK to set up a European CAM joint facility. This venture made Easpring the first Chinese CAM manufacturer to establish a nickel-cobalt-manganese plant in Europe, bolstering its global market position.
Easpring’s primary products, NCM and LCO, are supplied to key battery manufacturers such as SK On, Samsung SDI, LG, Murata, EVE Energy, BatteroTech, and Yichun Qingtao Energy Technology, further cementing its role in the global battery supply chain.
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