CATL will have a preference to buy 200,000t of lithium-ion battery cathode material from Yibin Libaode during 2021-30, including no less than 15,000t in 2021 and no less than 25,000t in 2022, according to a strategic cooperation agreement signed by the two firms and domestic new energy company Yibin Tianyuan Group.
Yibin Libaode, a subsidiary of Yibin Tianyuan Group, has a design capacity of 20,000 t/yr for lithium-ion battery cathode material. It is building a production facility with 10,000 t/yr that will be launched by the end of this year.
The firm has a long-term target of having 100,000 t/yr of production capacity depending on market conditions.
CATL to Acquire Lithium Cathode Battery Material from Libaode
CATL has been increasing output capacity in recent years to meet buoyant demand from the fast-growing new energy vehicle market. It unveiled plans in February to build the fifth and sixth phases of its power battery production complex in Yibin city in southwest China’s Sichuan province.
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Construction will be completed in two phases, taking up to 26 months each.
CATL has been supplying lithium-ion power batteries to US electric vehicle producer Tesla since July. It also plans to build a battery cell plant in Indonesia to start operations in 2024.
China’s new energy vehicle (NEV) production and sales rose for the eighth consecutive month in February, with the volume setting new monthly records. The country produced 124,000 NEVs in February, up by 720pc from a year earlier but down by 36.1pc from January.
China’s newly installed volume of power batteries rose to 63.6GWh in 2020, up by 2.3pc from a year earlier, with production falling by 2.3pc to 83.4GWh last year, according to China’s automotive manufacturers association.
China’s CATL to buy Li cathode material from Libaode, March 19, 2021
