Hunan Yuneng New Energy Battery Material Co., Ltd. sold 136,000 tonnes of lithium iron phosphate (LFP) in the first quarter of 2024, an increase of 32.63% versus the year-ago period, including 59,400 tonnes in March when its capacity utilization rate reached 98%, with about 21% of the product used in the field of energy storage.

According to Hunan Yuneng's annual report for 2023, the company produced 504,400 tonnes and sold 506,800 tonnes of LFP in total last year, up by 49.6% and 56.49% respectively from 2022. The company topped LFP shipment in China for the fourth consecutive year since 2020, with its LFP market share exceeding 30%.