A recent article by the People’s Daily states that “The development prospects for lead batteries in China are still broad.”
In fact, according to Yao Lingchun, deputy secretary-general of the China Battery Industry Association and secretary-general of the Zhejiang Lead Battery Industry Association, “The demand for rigid lead-acid batteries will always exist and rectification will reduce. Other batteries cannot be replaced in the short term.”
This is very good news for Chinese companies as they continue to expand their production of lead batteries. The third phase of Chaowei Henan project has started construction, including the 11 million electric vehicle battery project of Henan Chaowei Power Co., Ltd. According to Zhou Zhaoxue, Deputy Director of Purchasing Department of Zhejiang Chaowei, Chaowei will increase its sales of electric vehicle batteries to 80 million next year. Statistics show that the current compound annual growth rate of lead batteries for electric vehicles is 17%, and demand continues to grow!