BEIJING (WAM)
China's growing new energy vehicle (NEV) fleet and the rise in trade-ins are driving growth in the battery recycling market.
According to a report by China Central Television (CCTV), statistics show that China's new energy vehicle (NEV) fleet has now exceeded 28 million units.
Additionally, the total volume of retired power batteries in the country has reached 580,000 tonnes, with the recycling market expected to surpass 100 billion yuan (approximately $14 billion) by 2030.
"Taxis' batteries are basically retired after about eight years, while private vehicles tend to last a bit longer, around eight or nine years. We assess the battery based on the distance the vehicle has travelled and the remaining charge capacity," said Liu Xiaohui, chairman of Huanyu New Energy Technology Co., Ltd, which specialises in the recycling, disassembly, testing, and reuse of retired power batteries.
Generally, batteries are eligible for recycling when their capacity drops below 80 percent.
The price of recycled batteries varies depending on their type, residual value, and raw material costs.
At present, battery recycling companies mainly collect batteries in bulk from local bus or taxi fleets or by setting up collection stations, with fewer opportunities for direct recycling from individual vehicle owners.
Most car owners either go through car manufacturers for recycling or trade in their vehicles directly.