This Week in Batteries: BYD Revenue Surged 29% to $107B in 2024

• Trump announced 25% tariffs on all foreign-made vehicles, which he said would take effect on April 2 (Link)
• BYD reported $107B in sales for 2024, a 29% jump from the previous year (Link)

• BYD’s battery metals costs were $1B below Tesla despite selling 2 million more EVs while GM’s per EV costs are the highest in the industry (Link)
• BYD’s first ultra-luxury electric sedan launches at under $90,000: the Yangwang U7 (Link)
• BYD signed a car parts distribution deal with Intergea, as part of its strategy to boost its presence in a key European market (Link)
• Tesla expected to deliver 377,592 EVs, which would be its worst performance in more than two years (Link)

• PowerCo hires a new CEO for it’s U.S.A. operations: Asma Sharafi (Link)
• Amprius shipped its new 6.3Ah 21700 SiCore™ cell to a Fortune 500 company in the LEV sector for evaluation (Link)
• ION Storage Systems successfully produced its first multi-layer ceramic SSB cell on its semi-automated production line at its factory in Beltsville (Link)

• Wood Mackenzie reports US ESS market recorded ‘first year of double-digit deployment’ in 2024 (Link)
• esVolta acquires 300MWh ERCOT BESS from Black Mountain Energy Storage (Link)
• Copenhagen Infrastructure Partners partners with GCSS, a joint platform of developers Ikigai Energy and Agnoli Giuggioli, to deploy 2.3GW of BESS in Italy (Link)
• TotalEnergies building 321MW BESS portfolio in Germany (Link)
• Gentari picks Fluence’s optimisation platform for 172MW/408MWh hybrid solar-storage project in Australia (Link)
• Innergex Renewable Energy commences commercial operations for 30MW/120MWh Hawaii BESS (Link)
• Qcells, Nofar Energy to develop two Texas BESS totalling 350MW/700MWh (Link)
• Canadian Solar’s e-Storage in BESS supply deal for 100MW/576MWh Arizona project (Link)

• Rio Tinto in talks to develop lithium deposit in the DRC (Link)
• Tianqi Lithium returns to loss on prolonged battery metal rout (Link)
• Intercontinental Exchange plans to launch derivatives in nickel, cobalt and lithium spodumene in London in late-2025 (Link)
• EU selects 47 strategic projects to secure critical minerals access (Link)

• Rivian spins out a new micromobility startup called Also with $105MM from Eclipse Ventures (Link)
• Vistra to write off $400MM from Moss Landing BESS (Link)

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