The global electric vehicle industry is surging, and the upstream power battery industry directly benefits and has great potential for development. It is foreseeable that the future power battery market will exceed trillions in size, and giant companies with market capitalization of over RMB 1 trillion will also be born in this area.
With the attention of international giants, numerous industry capitals and industrial funds have flooded into the market. Whether it is international or domestic, the power battery industry is experiencing an icy and dual-day situation under the stirring of multiple factors.
On the one hand, the rapid development of the new energy automotive industry has greatly stimulated the market demand for power batteries. The upstream and downstream industries of power batteries include cathode materials, anode materials, separators, and electrolytes. Influx.
According to statistics, in the first half of 2017 alone, there were more than 50 investment projects in the field of power batteries in China, with a total investment of 9.919 billion yuan. Among them, there are 30 power lithium battery projects with an investment of RMB 67.627 billion; there are 16 positive and negative electrode materials projects with an investment of RMB 18.319 billion; there are 6 electrolyte and diaphragm projects with an investment of RMB 6.05 billion.
It is an indisputable fact that crazy investment has led to excess production capacity. Take the domestic example. From January to October this year, the cumulative installed capacity of domestic new energy vehicles was 18.1 GWh, while the domestic production capacity of power batteries has exceeded 200 GWh in the same period.
On the other hand, under the dual pressure of upstream raw material prices and lower prices of downstream auto makers, the elimination of power battery manufacturers has entered a countdown period, and the industry's focus on the top few leaders has become a trend.
Also taking the Chinese market as an example, the power battery companies whose supporting products have entered the Ministry of Industry and Information Technology have more than 200 in 2016 and have rapidly dropped to more than 90 today.
In 2016, among the global power battery shipments, Panasonic, LG, and Samsung SDI in Japan and South Korea accounted for more than 30% of the market share, and the top three power battery companies in China also accounted for more than half of the market, and this trend will also be Continue to expand.
The polarization has led to the maintenance of technical barriers, cost advantages (depending on scale, technology and industrial chain layout) and the giants of customer barriers have formed the industry's major moat, Matsushita, LG, Samsung SDI's technology and cost leadership will be very long in the future Play a role in a period of time and continue to maintain a strong global competitiveness. With the further liberalization of the Chinese market, the giants are likely to enter the Chinese market in large numbers and seize the market share of domestic enterprises.
In China, domestic battery companies are developing monopolized by battery giants such as BYD, Ningde Times, and Guoxuan Hi-Tech, and some weak battery companies will gradually be marginalized.
Matsushita
History: Started research and development of rechargeable lithium-ion batteries in 1994. In 1998, it produced cylindrical lithium batteries for notebook computers. In 2008, it merged with Sanyo Electric to become the world's largest lithium battery supplier. In 2008, Panasonic and Tesla started their first cooperation and became Tesla’s exclusive supplier, rapidly emerging.
Major industry layout: US, Japan and China market
Technical route: NCA high nickel ternary material, cylindrical battery
Product performance and technical parameters: The anode material of 18650 battery adopts NCA, the negative electrode material uses silicon-carbon composite material, the energy density of the monomer reaches 250Wh/kg, and the energy density of 21700 battery reaches 300Wh/kg. With mature technology and high product yield, the company is transitioning from 18650 to 21700.
Product Core Competitiveness: World Leading Battery Energy Density
Strategic cooperation vehicle company: Tesla
Downstream procurement of vehicle companies: Volkswagen, Ford, Toyota
The main supporting models: Tesla Model S, Model X, Model 3, Volkswagen E-UP, Toyota Prius
Market size: 6.7 GWh of shipments in 2016, with Tesla accounting for 6 GWh
Market Forecast: It is expected to reach 10 GWh in 2017
Raw material supply: mainly from Japan.
Factory distribution: Japan, the United States, China. Among them, the batteries of the Tesla Model S and Model X are currently produced in Japanese factories. Gigafactory, a super factory jointly built with Tesla, will become the world's largest power battery production base. Panasonic has established a factory in Dalian and Suzhou, China. The Dalian plant produces square batteries. The first phase of the project has been put into production. The Suzhou plant produces 18650 cylindrical batteries.
LG Chemical
History: Started research and development of lithium-ion batteries in 1998. In 2009, it cooperated with Hyundai-Kia Motors Korea and entered the power battery market.
Major industry layout: United States, China, South Korea and Europe
Technical line: NCM ternary material battery, soft pack battery.
Product core competitiveness: Leading the world in soft pack batteries, with flexible battery design, high heat dissipation and safety performance. Leverages a large number of chemical materials in the Group's product line to develop lithium batteries in a coordinated manner, effectively reducing costs through large-scale production, with the dual advantages of quality and price
Strategic cooperation vehicle company: Hyundai Kia
Downstream purchase of vehicle companies: GM, Renault, Nissan
Major accessory models: Chevrolet Bolt, Volt, Renault Zoe
Market size: 1.4GWh shipment in 2016
Market Forecast: It is expected to reach 4GWh in 2017
Raw material supply: partial self-production + part external procurement
Factory distribution: Korea, the United States, Europe and China have power battery factories. They are located in Wucang, South Korea, Holland, USA, Wroclaw, Poland, and Nanjing, China. Among them, the Nanjing plant will become the most important power battery production base for LG Chem globally.
Samsung SDI
History: In 2000 began to enter the field of power batteries. In 2008, SB Limotive, a power battery company, was established as a joint venture with Bosch. In 2009, it became BMW's power battery supplier. In May 2015, MSBS, a subsidiary of Magna’s battery business, was established to establish a complete electric vehicle battery business system from battery cells, modules, and battery packs.
Industrial layout: China, Europe and South Korea
Technical line: ternary material, square battery, is actively follow-up 21700 battery production
Product performance and technical parameters: The square battery can meet the demand of large-capacity single-cell battery, and the design requirements for BMS and PACK are low
Product core competitiveness: The technology line follows Panasonic, and there is a gap between Panasonic and LG Chemicals.
Strategic cooperation vehicle company: BMW
Downstream purchase of vehicle companies: Volkswagen
The main supporting models: BMW i series
Market size: shipments of 1.2GWh in 2016
Market Forecast: It is expected to reach 2GWh in 2017
Raw material supply: partial self-production + part external procurement
BYD
History: Formally entered the automobile manufacturing field in 2003. In 2006, the F3e electric car was successfully developed and equipped with ET-POWER technology iron power battery.
Major industry layout: China and North America markets
Technical line: Lithium iron phosphate + ternary materials, square batteries, in the past two years began to actively expand the three yuan lithium battery.
Product performance and technical parameters: Lithium iron phosphate battery has long life, high safety, high temperature resistance, low price and other advantages. The disadvantages are low energy density and poor low temperature performance.
Product Core Competitiveness: Lithium iron phosphate technology and market advantages lead the world
Strategic cooperation vehicle company: BYD
The main supporting models: BYD Tang, Qin, e6, K9, etc.
Market size: 7.4GWh in 2016 shipments.
Market Forecast: It is expected to reach 10 GWh in 2017
Raw material supply: mainly from domestic
Factory Distribution: Huizhou, Shenzhen
Ningde Times
History: Established in 2011. In cooperation with BMW Brilliance in 2012, ZINORO's 1E electric car has become the only battery supplier in BMW Greater China.
Major industry layout: China market
Technical route: Lithium iron phosphate + ternary material, square battery
Product core competitiveness: The newly developed high-nickel ternary material has a positive electrode and the silicon-carbon composite negative electrode has an energy density of 300 Wh/kg or more.
Strategic cooperation vehicle company: Yutong, SAIC, Dongfeng, Chang'an
Downstream procurement of vehicle companies: BMW Brilliance, Beijing Automotive New Energy, Geely, Guangzhou Automobile, Chery, Weilai
The main supporting models: BMW Brilliance, Beijing Automobile E150, Yutong New Energy Bus
Market size: 6.7 GWh in 2016 shipments
Market Forecast: It is expected to exceed 10 GWh in 2017
Raw material supply: mainly from domestic
Factory Distribution: Ningde, Changzhou
Guoxuan Hi-Tech
History: Established in 2006, starting in 2009 supporting the electric vehicle battery, starting in 2012 supporting the electric car battery.
Major industry layout: China market
Technical route: Lithium iron phosphate + ternary material, square battery
Product core competitiveness: The newly developed ternary lithium battery adopts a high-nickel cathode material to match the silicon-based anode material to achieve a single cell energy density of 281Wh/kg, using a lithium-rich cathode material to match a silicon-based anode material to achieve a single cell energy density Up to 302Wh/kg.
Strategic cooperation vehicle company: BAIC New Energy, Nanjing Jinlong, Zhongtong Bus
Downstream purchase of vehicle companies: Chery, JAC, Ankai bus
The main supporting models: Jianghai iEV3, Beiqi EC180, Ankai electric bus
Market size: 2016 shipment 1.86GWh
Market Forecast: It is expected to reach 2.6 GWh in 2017
Raw material supply: mainly from domestic
Factory distribution: Hefei, Nanjing, Qingdao
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