China must reach lithium battery energy densities of 200wh/Kg and 300wh/Kg by the end of 2015 and 2020 respectively, the national research plan requires.
The targets come as the country sees increases in electric vehicle sales and predictions claim the lithium-ion market could grow as much as 400% up to 2017.
The new energy passenger vehicle sales in May reached 10,856, a 192% increase y-o-y, among which pure electrical cars grew 145% to 6,540, while plug in hybrids grew 308% to 4,316, according to statistics.
It has taken two years for the new energy vehicle market to grow from scratch to boom thanks to the new city transportation regulation (encouraging electrically powered cars while controlling gas for environmental reasons) and industry policies.
The country has seen a steep rise in the demand for EVs, and consequently lithium-ion batteries.
This situation is expected to continue through 2016, and it’s predicted the lithium-ion market could grow as much as 400% up to 2017.
In contrast to the increase in China’s EV market, the gasoline cars sales of this May reached 1.9 million, a 4.55% decline compared to the same month last year.
However, the total production capacity of industry has reached 3.3 million after several years of expansion, but analysts in the country are predicting difficult times ahead for the automotive industry, as well as the lead SLI batteries.