China Auto Manufacturers_ Weekly Battery — CATL Gained Market Share at 1.1ppt MTD MoM Thanks to Tesla

Summary of Key Points from the Conference Call Industry Overview - Industry: China Auto Manufacturers, specifically focusing on the battery installation market for New Energy Vehicles (NEVs) [1][8][24] Core Insights and Arguments - Battery Installations: - NEVPV battery installations increased by 1.7% week-over-week (WoW) to 12.9 GWh for the week of 18-24 November, and 14.7% month-to-date (MTD) [1] - Year-to-date (YTD) installations are up 31.5% year-over-year (YoY), with Plug-in Hybrid Electric Vehicle (PHEV) installations up 86.7% and Battery Electric Vehicle (BEV) installations up 23.2% YoY [1] - Market Share Dynamics: - CATL gained 1.1 percentage points (ppt) in market share MTD, attributed to strong sales growth from Tesla, Geely, and Changan, which saw increases of 96%, 10%, and 21% respectively [2] - BYD experienced a decline of 2.6 ppt in market share MTD, with its installation growth at 4.3%, significantly lower than the sector average of 14.7% [2] - Lithium Carbonate Prices: - Lithium-carbonate spot prices decreased by 1.5% WoW to Rmb 78,250/ton, but increased by 6.1% MoM [1] - Futures prices for October 2025 dropped 2.4% WoW to Rmb 82,800/ton, with a 2.2% MoM increase [1] - Battery Cell Costs: - LFP (Lithium Iron Phosphate) cell costs rose by 0.5% WoW to Rmb 249.9/kWh, while NCM (Nickel Cobalt Manganese) cell costs increased by 0.4% WoW to Rmb 356.1/kWh [1] - The average selling price (ASP) for LFP cells remained stable at Rmb 350/kWh, and NCM cells at Rmb 510/kWh [1] - Gross Profit Margins (GPM): - The implied GPM for LFP cells decreased by 0.4 ppt WoW to 14.3%, while NCM GPM increased by 0.4 ppt WoW to 16.2% [1] Additional Important Information - Consumption Projections: - Lithium carbonate consumption for the week of 18-24 November was projected at 7,154 tons, reflecting a 5.8% MoM and 1.7% WoW increase [3] - Market Trends: - The overall growth in battery installations indicates a robust demand for NEVs, driven by increasing consumer adoption and supportive government policies [1][2] - Competitive Landscape: - CATL's market share gain highlights its competitive edge, particularly in the context of Tesla's sales performance, while BYD's decline suggests potential challenges in maintaining its market position [2] This summary encapsulates the key points from the conference call, providing insights into the current state and dynamics of the China auto manufacturing industry, particularly in the battery installation segment for NEVs.