China's XTC Reports Strong CAM Sales Growth in First Half of 2024

XTC New Energy Materials

Chinese lithium-ion battery cathode active material (CAM) manufacturer XTC New Energy Materials (Xiamen) reported a significant increase in sales for the first half of 2024. The firm’s growth was driven by rising demand from downstream industries, reflecting the broader surge in demand for electric vehicle batteries and energy storage solutions.

Impressive Sales Growth

XTC New Energy's sales of CAM, including lithium cobalt oxide (LCO) and lithium nickel-cobalt-manganese oxide (NCM), soared by 67% year-on-year, reaching 44,740 tonnes from January to June. The sales included 18,401 tonnes of LCO, up 30%, and 26,338 tonnes of NCM, a remarkable 109% increase. The surge in NCM sales reflects the growing demand for high-performance battery materials in the global market.

Expanding Production and International Presence

XTC New Energy, once a division of Xiamen Tungsten (XTC), has been operating independently since 2016, focusing on the research, development, production, and sale of CAM for lithium-ion batteries. The company is actively expanding its production capacity. In September 2023, XTC unveiled plans to build a 40,000 t/yr NCM plant in France in partnership with France-based Orano CAM, aiming to strengthen its international presence.

In addition, XTC New Energy is building a new factory in Ya’an, Sichuan province, to produce lithium iron phosphate (LFP), with a planned annual capacity of 100,000 tonnes. The first phase of the plant, with a capacity of 20,000 tonnes, began trial production earlier this year.

XTC New Energy has established partnerships with leading global and domestic battery manufacturers, including ATL, Samsung SDI, Murata, LGC, Sunwoda, Zhuhai Guanyu, and BYD. The company’s CAM products are widely used in middle- and high-end electronics and power lithium batteries. XTC also collaborates with power battery producers such as CALB, Panasonic, BYD, CATL, Sunwoda Electronic, and Gotion High-tech, further solidifying its role in the global battery supply chain.