BYD's small energy density target: lithium iron phosphate 180 wh/kg ternary 260 wh/kg within two years

Recently, the Shenzhen Stock Exchange issued a letter of inquiry to BYD asking for explanations on the financial issues, operations and research and development in the 2017 annual report. Among them, the inquiry letter asked BYD to combine the company's R&D and production of lithium iron phosphate battery and ternary battery, indicating whether the company's product structure in power battery is suitable for the development trend of the industry.

In this regard, BYD clearly stated in the reply to the Shenzhen Stock Exchange on May 8 that the company's product structure in the power battery is adapted to the development trend of the industry.

BYD said that the company has sufficient and comprehensive technology accumulation in the field of power batteries, and currently has leading lithium iron phosphate and ternary battery technology. In the two major technical fields, the company's core technical indicators are at the leading level in the industry.

In terms of lithium iron phosphate, the current monomer energy density of the battery is 165 wh/kg, and the inclusion body is 140 wh/kg, which is 1.1 times the highest subsidy standard according to the current state subsidy policy. In the next two years, the planned unit energy density will increase to more than 180 wh/kg, and the package body will be raised to 160 wh/kg.

In terms of ternary batteries, the current monomer energy density is 200 wh/kg, and the inclusion body is 160 wh/kg, which is 1.1 times the highest subsidy standard according to the current state subsidy policy. In the next two years, the planned unit energy density will increase to 260 wh/kg and the package body will be raised to 200 wh/kg.

In terms of production capacity, the company has sufficient capacity reserves in the fields of lithium iron phosphate battery and ternary battery. By the end of 2017, the total production capacity is about 16GWh. In terms of capacity distribution, the company's power battery production line is flexible, and the production structure can be adjusted according to the market demand for lithium iron phosphate and ternary batteries to meet the different needs of the future market.

Due to the different performance characteristics and different application scenarios of lithium iron phosphate battery and ternary battery, the company will adhere to two technical routes at the same time, among which lithium iron phosphate battery has the advantages of high safety and long cycle life, which can meet the safety requirements. Higher commercial frequency and higher operating frequency, and in the passenger space where space and weight are more demanding, the high energy density ternary battery can achieve longer cruising range and better suit the needs of individual consumers.

In addition, BYD also mentioned in the reply announcement that it is actively planning and developing new energy vehicle products that meet the requirements of subsidy technology thresholds, especially for the energy density of power battery systems, as well as the technical threshold for the new 2018 new energy vehicle subsidy standard. The vehicle energy requirements are focused on improving and optimizing to meet the technical requirements of higher subsidy multiples. For example, in terms of energy density of power battery system, the company will deploy a pure electric bus model with a power battery system energy density of 135Wh/kg or more to obtain a subsidy of 1.1 times the new energy vehicle; in the field of pure electric passenger vehicles A model with an energy density of more than 140 wh/kg has also been introduced, and a subsidy for new energy vehicles with an adjustment factor of 1.1 times will also be obtained. It is expected that after the implementation of the new subsidy standard on June 11, the company's high-energy mileage, high energy density, low energy consumption value of pure electric passenger car subsidies will be greatly increased.

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