China cell capacity exceeds 1TWh in 2022
BNEF reports that China’s cell manufacturing capacity reached 1.17TWh in 2022. Interestingly though China’s output of cells was only 750GWh, implying only a 64% capacity utilisation. Electric vehicles contributed 73% of total cell output with consumer electronics 13.9% and ESS 13%, but increasing very rapidly. ESS is set to be well into second place in 2023. There was a substantial differentiation in capacity utilisation between the tier 1 cell manufacturers and the rest of the industry. CATL, EVE and CALB boasted 80+% capacity utilisation rates while the rest of the industry only managed 60% in 2022, up from 40% in...