Battery demand has continually been growing over the last decade, with annual global battery demand surpassing 1TWh for the first time in 2024 according to Rho Motion’s Battery Demand Service. As battery demand has grown, cell prices have followed a downward trajectory with global weighted cell lithium ion cell prices now hovering above $60/kWh according to Benchmark’s Cell Price Assessment. These developments have in turn affected companies’ profit margins. 

N.B. In this article the operating income ratio (operating income/revenue) has been examined. This figure is a reflection of the core profitability of battery maker’s operations as it indicates how efficiently each company turns revenue into operating profit after covering production and overhead costs.

CATL leads the way, but other Chinese players are seeing increases in margins

In 2023, …

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