China EV battery update - Global X ETFs Hong Kong

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China EV battery update

By: Bingyao Chen

The latest industry feedback shows that Chinese major battery companies’ total scheduled production for September 2025 is 129.2GWh, +46%YoY and +7%MoM, respectively, much faster than overseas peers. Additionally, CATL’s September output is reportedly 69.5GWh, +43%YoY and +8%MoM, followed by two anonymous domestic battery producers of 23.3GWh and 10.7GWh, +20%YoY and +2%MoM, and +60%YoY and +15%MoM, respectively. People’s expectation on Q4 outlook remains positive, driven by front-loading EV demand due to EV purchase tax subsidies cut starting from 2026. (Source: Jefferies, 29 August 2025)

In the semi-annual earnings calls, the battery equipment companies also updated the solid-state battery development in China is accelerating. China government announced to subsidize by more than $830million to domestic companies who are eligible in technology competitiveness to develop solid-state batteries in 2024. Wuxi Lead’s management shared they have got Rmb400-500mn solid-state battery new orders in 1H25 and expect more from the top Chinese players in 2H25, since it is the time point for the regulator to review the progress. They shared some of their clients aim to double their total capacity in the next three years and the new round of upcycle may last longer given the strong demand seen from clients. (Source: Company Data, 29 August 2025)

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