Flash | 27 Nov 2025 10:19:04 ET │ 11 pages China Battery Materials China Battery Supply Chain on the Ground: Resilient ESS demand to offset the EV seasonality downtrend CITI'S TAKE Channel check with ZE Consulting suggests that Top-5 battery makers' production pipeline might be flattish MoM/48% YoY to ~148GWh, extending the resilient momentum into Dec-25. Within that, EV battery production pipeline is trending weaker as (1) we are heading into a traditional slack season, and (2) the front-loading demand has ...

12 November 2025 Global Energy Storage Global Energy Storage: ESS demand drives battery demand into overdrive Neil Beveridge, Ph.D. +852 2123 2648 neil.beveridge@bernsteinsg.com Brian Ho, CFA +852 2123 2615 brian.ho@bernsteinsg.com Hengliang Zhang +852 2123 2629 hengliang.zhang@bernsteinsg.com The global energy storage sector delivered a strong third quarter, with total demand rising 46% y-o-y though ASP declined by 6%. In 3Q25, total battery demand grew by 46% y-o-y in 3Q25 to 466GWh (+50% y-o-y to 1209GWh ...