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Before 2016, the government's subsidies for new energy batteries had always been biased towards lithium iron phosphate batteries. BYD not only makes its own batteries but also its own cars. With government subsidies, self use, and business market promotion, BYD has maintained a stable position in the power lithium battery industry.

But the speed of market upheaval brought about by technological innovation is rapid.

After 2015, the country began to recognize the safety of ternary lithium materials used in automotive batteries, allowing them to also enjoy policy dividends.

And ternary lithium batteries have a higher energy density and longer range. Therefore, it is more suitable for the passenger car market with high endurance requirements than lithium iron phosphate. Almost all mainstream electric passenger cars, such as TSLA, Geely Emgrand EV, and Roewe ERX5, use ternary lithium batteries.

In addition, the 2016 new energy vehicle subsidy fraud incident was exposed, and the passenger car market was a severely affected area. As a result, China has been promoting the policy of providing financial subsidies for new energy vehicles since 2009, and in 2010, a clear signal of withdrawal has been released.

The subsidy for new energy vehicles has been significantly reduced since 2017. As a result, the new energy bus industry suffered a severe setback in 2017, with annual sales dropping from around 85000 units in 2016 to 60000 units. However, the production of new energy passenger vehicles in 2017 increased by 200000 units to 478000 units, an increase of over 200000 units compared to the previous year.

The passenger car market and lithium iron phosphate are BYD's core businesses. Due to the dual impact of this technological shift and policy changes, BYD's business has significantly shrunk, while CATL has quietly caught up.

CATL was born out of the Japanese consumer battery giant ATL. At the end of 2011, then ATL President Zeng Yuqun, along with several executives such as Huang Shilin, established a new company called CATL, which specializes in the power lithium battery business.

And ATL is more closely related to ternary lithium battery technology in terms of technology direction, so CATL adhered to the strategy of developing ternary lithium and lithium iron phosphate together from the beginning. Therefore, during the dividend period of the ternary lithium battery and passenger car market, CATL began to reverse and rise. Throughout 2017, CATL showed a market harvesting trend, with not only large orders from traditional bus giants such as Henan Yutong, but also a number of new internet car brands such as NIO Automobile and Weima Automobile, They also regarded CATL as their first choice and began queuing up to throw themselves away.

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