Research and analysis of Chinese lithium-ion battery manufacturers: EVE Energy
Market Position/Overview: EVE Energy is a battery manufacturer founded in 2001 in Huizhou, Guangdong, China.
The company initially grew by producing small lithium batteries (for primary batteries and mobile devices) and later expanded into large batteries for automotive and industrial applications.
Today, it is a comprehensive battery company that handles a wide range of batteries from consumer batteries to automotive batteries, and its global market share of batteries for EVs has reached approximately 1.6% (9th in the world in 2023).
It is also one of the top battery companies in China, ranking 5th in terms of the volume of vehicles installed in 2024.
Especially in recent years, the market has grown rapidly due to the adoption of emerging EV manufacturers and the increasing demand for batteries for energy storage, with shipments in the first 10 months of 2023 reaching 11.7 GWh, up 128% year on year.
Key products and applications: EVE produces lithium-ion batteries in a variety of formats. For automotive applications, EVE supplies cylindrical cells (e.g. large 46mm diameter cylindrical cells, 18650/21700 cells for power tools, etc.), square cells (mainly lithium iron phosphate) and laminated (pouch) cells.
Cylindrical cells are highly regarded for their high performance and high energy density, and are attracting attention as next-generation cells for power tools, electric motorcycles and high-end EVs.
Rectangular LFP cells are shipped in large quantities for commercial vehicles and stationary storage. In the small-size segment, primary lithium batteries**, coin cells for IoT devices, and batteries for e-cigarettes are also key EVE products.
By application, passenger car EVs account for about half of EVE’s sales, with the remainder coming from energy storage systems (for which EVE provides large LFP battery modules) and consumer electronics. The company has been particularly successful in capturing overseas demand for energy storage batteries, with shipments more than doubling year-on-year in the first half of 2024.
Key Customers and Partners: EVE’s customer base is extensive.
In the automotive battery space, we are entering the supply chains of international automakers such as Mercedes-Benz and BMW, with whom we plan to partner to supply battery cells for next-generation EVs.
For example, BMW plans to use EVE’s large cylindrical cells for its new EV platform starting in 2025.
In China, EVE batteries are being used in EVs from Xiaopeng Automobile (XPeng), vehicles from Chongqing Jinkang (SERES), and commercial vehicles such as electric dump trucks from Sanichi Heavy Industries.
In the energy storage field, EVE cells are used by Tesla Energy (reportedly supplying some of the batteries for Megapack), Fluence in the U.S., and Huawei in Japan for energy storage products, among other well-known companies.
Other major customers for EVE’s small cells include Juul, the largest e-cigarette manufacturer, and various IoT device manufacturers.
Recent Developments: EVE has made a number of significant investments in recent years. Domestically, EVE is rapidly expanding its production capacity by building large-scale factories in Hubei Province and Huizhou, Guangdong Province.
Overseas, EVE is building an automotive battery plant in Malaysia (to be operational in 2024) and is considering establishing production bases in Europe and North America. In 2023, the company will establish local subsidiaries in seven regions, including North America and Europe, to strengthen its global expansion, and has begun to strengthen its relationship with overseas customers.
On the technology side, the company has announced that it is focusing on the development of ultra-large cells (600Ah class) for energy storage and all solid-state battery technology.
EVE is also actively raising capital and issuing bonds to meet the funding needs associated with its rapid growth. With these developments, EVE aims to become the second largest battery manufacturer after CATL and BYD.
