Chinese lithium-ion battery cathode active material (CAM) manufacturer, XTC New Energy Materials (Xiamen), experienced a notable increase in sales during the first half of 2024. This growth was propelled by heightened demand from downstream industries, reflecting a wider surge in the market for electric vehicle batteries and energy storage solutions.
Significant Sales Increase
XTC New Energy’s sales of CAM, including lithium cobalt oxide (LCO) and lithium nickel-cobalt-manganese oxide (NCM), rose sharply by 67% year-over-year, reaching 44,740 tonnes from January to June. This figure includes 18,401 tonnes of LCO, a 30% rise, and 26,338 tonnes of NCM, which marked a substantial 109% increase. The surge in NCM sales underscores the growing demand for high-performance battery materials globally.
Expanding Capacity and Global Reach
Since becoming an independent entity in 2016, after its spin-off from Xiamen Tungsten (XTC), XTC New Energy has focused on the research, development, production, and sale of CAM for lithium-ion batteries. The company is actively increasing its production capacity. In September 2023, XTC announced plans to construct a 40,000-tonne-per-year NCM plant in France in collaboration with France-based Orano CAM, as part of its strategy to enhance its international footprint.
Furthermore, XTC is building a new facility in Ya’an, Sichuan province, dedicated to the production of lithium iron phosphate (LFP), with an intended annual capacity of 100,000 tonnes. The first phase of this plant, with a capacity of 20,000 tonnes, began trial production earlier this year.
XTC New Energy has established partnerships with prominent global and domestic battery manufacturers such as ATL, Samsung SDI, Murata, LGC, Sunwoda, Zhuhai Guanyu, and BYD. The company’s CAM products are extensively used in mid- to high-end electronics and power lithium batteries. Additionally, XTC collaborates with major power battery producers like CALB, Panasonic, BYD, CATL, Sunwoda Electronic, and Gotion High-tech, reinforcing its position within the global battery supply chain.
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