BEIJING, April 25 (Xinhua) -- China's installed capacity of storage batteries used to power electric vehicles fell sharply in the first quarter, forcing some market players to look for applications elsewhere, Shanghai Securities News reported, citing industry data.
In the first three months, installed capacity of storage batteries for new energy vehicles (NEV) came in at 5.68-gigawatt hours, down 53.84 percent year on year, according to data from China Industrial Association of Power Sources.
The industry's data service platform RealLi Research put the figure at 5.38-gigawatt hours.
New energy tech firm Contemporary Amperex Technology Co., Ltd. continued to lead the market, with 2.7-gigawatt hours of capacity installed during the period, followed by automobile manufacturer BYD Company Limited and tech company Guoxuan High-Tech Co., Ltd.
In a bright note, installed capacity has started to recover in March, with the volume surging 363 percent month on month, according to data from GaoGong Industry Institute.
The rebound came as the country's NEV market also saw a recovery, with the output and sales surging 381.6 percent and 301.3 percent, respectively, from last month to about 50,000 and 53,000 units in March, data from the China Association of Automobile Manufacturers showed.
To tide over the difficulties, many battery producers have been setting their eyes on other applications, including the shipping industry, the report said. Enditem