South Korean company Cosmo Chemical announced on the 23rd that it has signed a memorandum of understanding (MOU) with a producer located in Indonesia—affiliated with a Chinese group that holds the world’s largest market share in ternary precursor materials—to establish a long-term supply partnership for battery-grade nickel sulfate and cobalt sulfate. Under the agreement, from this year through 2030 the two parties will cooperate on the stable procurement and supply of battery-grade nickel and cobalt sulfate, with planned annual deliveries of approximately 2,000 tons. Based on current market prices, the total value could reach up to KRW 200 billion.

Recycling Industry Events This Week (September. 22-27)

【SMM Flash Update】 Shenzhen-listed GEM Co., Ltd. (002340.SH) announced that its board has approved the issuance of H-shares and a main board listing on the Hong Kong Stock Exchange, appointing Grant Thornton Hong Kong as auditor. Founded in 2001, GEM is a leading player in waste recycling and new energy materials, with operations spanning spent battery and e-waste recycling, re-manufacturing of nickel, cobalt, lithium, tungsten and precious metals, as well as production of ternary precursors and cathode materials for EV batteries. Already listed in Shenzhen and Zurich, GEM’s market capitalization stood at about RMB 35.46 billion as of Aug 25, 2025.

SMM News on May 23: This week, cobalt product quotations have collectively declined. The refined cobalt market is still digesting social inventory. As cobalt prices fall, production cuts at smelters may continue. Meanwhile, spot quotations for Co3O4 have also seen a significant drop, with a noticeable decrease in the phenomenon of holding back from selling... SMM has compiled the changes in spot quotations for the cobalt market this week, as detailed below: Refined Cobalt: According to SMM spot quotations, refined cobalt spot quotations have shown a continuous downward trend this week. As of May 23, refined cobalt spot quotations have fallen to 223,700-248,000 yuan/mt, with an average price of 235,850 yuan/mt, a decrease of 6,200 yuan/mt from May 16, representing a 2.56% decline. 》Check SMM Cobalt and Lithium Spot Quotations According to SMM, in the refined cobalt market, from the supply side, the market is still digesting social inventory at its current pace. The economic viability of refined cobalt production continues to decline, and production cuts at smelters are likely to persist. In terms of quotations, traders' quotations continue to fall in line with the futures market. Recently, some traders have exited the market and sold their inventory due to funding costs. From the demand side, amid falling prices, the purchase situation of downstream producers has slightly improved, with inquiries and buying interest picking up. It is expected that next week, refined cobalt spot prices may continue to fluctuate. Cobalt Salts (Cobalt Sulphate and Cobalt Chloride): Cobalt Sulphate: According to SMM spot quotations, cobalt sulphate spot quotations have also shown a downward trend this week. As of May 23, cobalt sulphate spot quotations have temporarily stabilized at 48,000-50,000 yuan/mt, with an average price of 49,000 yuan/mt, a decrease of 200 yuan/mt from May 16, representing a 0.41% decline. 》Check SMM Cobalt and Lithium Spot Quotations According to SMM, from the cobalt sulphate supply side, spot quotations from both smelters and recyclers have declined. Actual transactions are mainly small, sporadic orders, and the transaction price of cobalt sulphate has further dropped. From the demand side, the overall purchase sentiment of downstream producers is poor. With some ternary precursor plants experiencing a slight reduction in orders, the overall stockpiling demand is not strong. Additionally, as Co3O4 producers have built up inventory in the early stage, Co3O4 sales have slowed down slightly in the short term, and producers' purchase willingness has further declined. Currently, market transactions are mainly small, sporadic orders, and no bulk purchases have been observed. It is expected that next week, cobalt sulphate spot prices may continue to fluctuate in the doldrums. Cobalt Chloride: According to SMM spot quotations, cobalt chloride spot quotations have continued to fall this week. As of May 23, cobalt chloride spot quotations have dropped to 59,500-60,900 yuan/mt, with an average price of 60,200 yuan/mt, a decrease of 150 yuan/mt from May 16, representing a 0.25% decline. From the perspective of supply and demand, on the supply side, due to the ongoing shortage of raw materials, some smelters have a strong willingness to support prices and exhibit a certain degree of reluctance to sell. However, there are also smelters that are not optimistic about future price trends and choose to sell at low prices. On the demand side, downstream enterprises have a certain level of inventory and only maintain just-in-time procurement, with few inquiries in the market. It is expected that next week, if demand remains weak, the spot price of cobalt chloride may continue to decline further. Regarding Co3O4: According to SMM spot quotes, the spot quotes for Co3O4 also failed to escape the downward trend this week. After a continuous decline last week, it only temporarily stabilized on the first trading day before continuing to fall. As of May 23, the spot quotes for Co3O4 had dropped to 202,000-210,000 yuan/mt, with an average price of 206,000 yuan/mt, a decrease of 2,250 yuan/mt from May 16, representing a decline of 1.08%. According to SMM, from the supply side, although smelters' quotes are relatively stable, their willingness to sell has increased, and the phenomenon of holding back from selling has significantly decreased. On the demand side, downstream LCO producers have differing opinions on the market outlook, with a strong wait-and-see sentiment, and only make necessary procurements to meet daily production needs. Affected by the decline in LCO prices, it is common for producers to bargain down purchasing prices of raw materials, and there is little willingness to stockpile. Against the backdrop of the overall weak market, there have been individual transactions at low prices. It is expected that the peak procurement period for Co3O4 has not yet arrived next week, and the spot price may continue to fall. On the news front, this week, the import and export data for cobalt-related products were released. According to customs data, China's imports of cobalt hydrometallurgy intermediate products in April 2025 were approximately 18,600 mt (metal content), up 5% MoM. In terms of the average import price, in March 2025, the average import price of cobalt hydrometallurgy intermediate products in China was $15,820/mt (metal content). By country, the DRC remained the main importing country in March, with imports of approximately 18,500 mt (metal content) (calculated based on a 35% grade), an average import price of $15,857/mt (metal content), and an import share of approximately 99%. 》Click to view details For unwrought cobalt, according to customs data, China's imports of unwrought cobalt in April 2025 were approximately 839 mt (metal content), up 60% MoM and 230% YoY. In terms of the average import price, the average import price of unwrought cobalt in China in April 2025 was $26,831/mt (metal content), up 36% MoM. From January to April 2025, cumulative imports reached 2,337 mt (metal content), up 175% YoY. On the export side, China's exports of unwrought cobalt in April 2025 were approximately 4,086 mt (metal content), up 201% MoM and 556% YoY. In terms of average export prices, the average export price of unwrought cobalt from China in March 2025 was $31,119/mt (metal content), up 28% MoM. From January to April 2025, the cumulative exports reached 7,397 mt in metal content, up 185% YoY. 》Click for details It is worth mentioning that recently, Tengyuan Cobalt released a record of investor activities. When asked about the company's capacity, Tengyuan Cobalt stated that as of the end of Q1, the company had a total capacity of 26,500 mt in metal content for cobalt products, 10,000 mt in metal content for nickel products, 10,000 mt in metal content for manganese products, 5,000 mt for lithium carbonate, and 60,000 mt for copper products. In addition, when asked about how long the company's current inventory of cobalt raw materials could sustain production given that the cobalt ban in the DRC had not yet been lifted, Tengyuan Cobalt responded that the company maintained a certain level of safety inventory. At the same time, considering actual market conditions, it obtained production raw materials by timing, quantity, and price through secondary resource recycling and purchases from traders. The company would also closely monitor the progress of the event and make corresponding preparations.

[SMM Weekly Review of Cobalt Sulphate Market: Spot Price of Cobalt Sulphate Declines, Downstream Buying Sentiment Extremely Weak] This week, the spot price of cobalt sulphate declined. Supply side, spot quotes for cobalt sulphate from smelters and recycling plants both fell, with actual transactions mainly consisting of sporadic small orders, and transaction prices further declining. Demand side, the overall purchase sentiment of downstream producers was poor. With some ternary precursor plants experiencing a slight reduction in orders, the overall stockpiling demand was not strong. Additionally, as Co3O4 producers had built up inventories in the early stage, Co3O4 sales slowed down slightly in the short term, and the purchase willingness of producers further declined. Currently, market transactions are mainly sporadic small orders, and no bulk purchasing activities have emerged. It is expected that next week, the spot price of cobalt sulphate may continue to decline amidst fluctuations.

India Proposes Zero Tariffs on Certain Quantities of US Auto Parts and Steel In trade negotiations with the US, India proposed zero tariffs on certain quantities of steel, auto parts, and pharmaceuticals on a reciprocal basis. (Cailian Press) Tariff Policy to Drive Up Prices of New and Used Cars in the US, Repair Costs Also to Increase The New York Times reported on the 3rd that the US's 25% tariff on imported auto parts could significantly raise the prices of new and used cars, as well as repair and insurance costs. The report stated that tariffs on imported auto parts would have a broad impact, as even cars made in the US often have engines, transmissions, batteries, and other components produced in other countries. Trump's tariff policy has already driven up new car prices, as consumers rushed to dealers to buy cars before the tariffs took effect. The tariff policy has also affected the used car market, as more people are seeking affordable alternatives to new cars, increasing demand and prices. Tariffs on auto parts are expected to raise repair costs and insurance premiums, as replacing auto parts will become more expensive. Rising car prices will exacerbate inflation. (Cailian Press) US Tariff Policy Disrupts Domestic Companies, Several US Firms Suspend Profit Forecasts According to CNN on May 4, due to the erratic nature of recent US tariff policies, several major global automakers have delayed or suspended profit forecasts. The report stated that automaker Stellantis Group released a report on April 30, indicating that it has suspended its 2025 profit growth forecast due to the impact of "changing" tariff policies. Previously, General Motors also issued a statement on April 29, withdrawing its 2025 profit growth expectations due to the potential impact of US tariff policies. (Cailian Press) BYD: NEV Sales Reach 1.3809 Million Units in the First Four Months, Up 46.98% YoY BYD announced on May 5 that its NEV sales in April 2025 reached 380,100 units, up 21.33% YoY. From January to April 2025, the company's cumulative NEV sales reached 1.3809 million units, up 46.98% YoY. (Cailian Press) Ford Motor Company Expects Tariffs to Cause $1.5 Billion Loss Ford Motor's adjusted EPS for Q1 was $0.14, while analysts expected a loss of $0.043 per share. Ford Blue's revenue for Q1 was $21 billion, compared to analysts' expectations of $20.08 billion. Ford Blue's EBIT for Q1 was $1.2 billion, compared to analysts' expectations of $1.22 billion. The company expects to suffer a $1.5 billion hit from tariffs this year and has suspended its 2025 performance forecast. (Cailian Press) "Labour Day Holiday" Sees Over 3 Million Applications for Car Trade-In Subsidies Nationwide According to the Ministry of Commerce, the national consumer market was vibrant and active during the 2025 Labour Day holiday. Data from the Ministry of Commerce's business big data monitoring showed that sales at key retail and catering enterprises nationwide increased by 6.3% YoY during the holiday. Trade-in programs were particularly popular. From the beginning of 2025 to 0:00 on May 5, applications for car trade-in subsidies exceeded 3 million. Consumers purchased 55.16 million units of 12 major categories of home appliances through trade-in programs and 41.67 million pieces of digital products such as mobile phones. In the first four days of the holiday, applications for car trade-in subsidies exceeded 60,000, driving new car sales of 8.8 billion yuan. Consumers purchased 3.56 million units of 12 major categories of home appliances, driving sales of 11.9 billion yuan, and 2.42 million pieces of digital products such as mobile phones, driving sales of 6.4 billion yuan. During the holiday, sales of home appliances, cars, and communication equipment at key retail enterprises monitored by the Ministry of Commerce increased by 15.5%, 13.7%, and 10.5% YoY, respectively. Sales of smart home products on key e-commerce platforms monitored by the Ministry of Commerce increased by over 20% YoY. Service consumption continued to heat up, with the catering and cultural tourism markets thriving. According to business big data monitoring, sales at key catering enterprises nationwide increased by 8.7% YoY during the holiday. (Cailian Press) Related Reading: SMM Analysis: Spot Prices of Refined Cobalt Strengthen SMM Analysis: Spot Prices of Cobalt Intermediate Products Rise SMM Analysis: Economic Viability of Refined Cobalt Production Declines, April Production Down MoM SMM Analysis: April Lithium Hydroxide Production Stable but Weak, May Expected to Remain Flat SMM Analysis: April Ternary Precursor Production Up 0.36% MoM SMM Analysis: April Ternary Cathode Material Production Up 7.38% MoM SMM Analysis: Between Advance and Retreat: The Realistic Compromise of US Auto Tariff Compensation Policy and the Challenges of Global Industry Chain Restructuring SMM Analysis: April Iron Phosphate Market Stable, Companies Under Pressure, Prices Difficult to Raise Lithium Drives the Green Revolution: Analyzing the Reshaping of the Energy Future in the Industry Chain [SMM Science] SMM Analysis: Driven by LCO Market Demand, April Co3O4 Production Significantly Increased MoM Q1 Auto Industry Starts with Double-Digit Growth in Production and Sales, What to Expect in Q2 Under Tariff Pressure? [SMM Special] SMM: Global ESS Market Demand May Reach Around 470GWh by 2030, How Will Each Market Perform? March Battery Material Import and Export Data Released: Spodumene and Lithium Carbonate Imports Show Mixed Performance [SMM Special] Spot Quotations for Refined Cobalt Continue to Rise, High Raw Material Costs Lead to Production Cuts at Some Smelters, This Cobalt Salt Price May Remain Firm [Weekly Observation] SMM Analysis: A Review of This Week's Scrap Spot Price Trends (April 21-27, 2025) SMM Manganese Ore Weekly Review: Market Purchasing Sluggish, Spot Prices Under Pressure SMM Analysis: Weekly Review of the Lithium Carbonate Market: Demand Falls Short of Incremental Expectations, Weekly Drop Exceeds 1,000 Yuan! SMM Analysis: Lithium Ore Weekly Market Review, April 21-25 SMM Analysis: Lithium Hydroxide Weekly Market Review, April 21-25 SMM Analysis: Recent Electrolyte Prices (April 21-24, 2025) SMM Analysis: ESS Battery Cell Weekly Price Trends, April 17-24 SMM Analysis: This Week, Co3O4 Spot Prices Slightly Declined SMM Analysis: This Week, Ternary Cathode Material Prices Further Pulled Back SMM Analysis: This Week, Ternary Precursor Prices Rebounded Slightly SMM Analysis: This Week, Refined Cobalt Spot Prices Rose Slightly SMM Analysis: This Week, Cobalt Intermediate Product Spot Prices Remained Stable SMM Analysis: This Week, Cobalt Chloride Prices Slightly Increased SMM Analysis: Cobalt Sulphate Spot Prices Temporarily Stable, Market Sentiment Cautious SMM Analysis: This Week, Power Battery Cell Prices Generally Stable, Ternary System Demand Under Pressure, Lacks Momentum SMM Analysis: This Week, Anode Material Prices Maintained a Stable Trend SMM Analysis: This Week, Anode Raw Material Coke Prices Declined to Varying Degrees SMM Analysis: Supply-Demand Pattern and Costs Show No Significant Fluctuations, Graphitisation Tolling Services Prices Stable This Week April 21-25 Iron Phosphate Market Situation [SMM Analysis] SMM Analysis: China's Unwrought Cobalt Exports and Export Prices Rose Significantly MoM in March 2025 SMM Analysis: March Cobalt Intermediate Product Imports Up Both YoY and MoM SMM Analysis: Fast Charging Technology Showdown: CATL vs. BYD SMM Analysis: Zimbabwe's Step Aside Lithium Mine Project Initiates Asset Liquidation: Focusing on Strategic Adjustments and Market Opportunities 2025 (10th) New Energy Industry Expo Concludes Successfully! See Industry Leaders Discuss Hot Topics! SMM: Global LFP Production Expected to Continue Rising, Subsequent Prices Still Largely Affected by Lithium Carbonate [New Energy Summit] SMM Analysis: March Domestic Spodumene Imports Totaled 534,500 mt SMM Data: March 2025 LiPF6 Import and Export Data March Iron Phosphate Material Import and Export Situation [SMM Analysis] SMM Analysis: March Ternary Cathode Import and Export Data Released, Imports Up 31% MoM, Exports Up 36% MoM SMM Analysis: March Market Recovery, Artificial Graphite Exports Increase SMM Analysis: March Ternary Precursor Export Situation Analysis

Cui Dongshu, Secretary General of the China Passenger Car Association (CPCA), stated that China's car imports from January to March 2025 totaled 95,000 units, down 39% YoY. Cui Dongshu, Secretary General of the CPCA, noted that China's car imports have been declining at an average annual rate of around 8% since 2017, when they stood at 1.24 million units, dropping to 800,000 units in 2023. In 2024, car imports fell to 700,000 units, down 12% YoY. From January to March 2025, car imports amounted to 95,000 units, a 39% YoY decline, marking a rare significant drop for the first quarter. In March alone, car imports were 39,000 units, down 27% YoY, showing a slight improvement in the rate of decline. Ganfeng Lithium announced that it has signed cooperation agreements with the Gongshu District Government of Hangzhou and Hangzhou Energy Group. Ganfeng Lithium (002460.SZ) announced that it has signed a "Framework Cooperation Agreement" and a "Strategic Cooperation Agreement" with the Gongshu District Government of Hangzhou and Hangzhou Energy Group, respectively. The three parties will collaborate on industrial cultivation and long-term development, establishing a mutually beneficial long-term strategic partnership. The company plans to invest in the construction of a high-specific-energy solid-state battery R&D and industrialisation base in Gongshu District, Hangzhou, focusing on electrification in the transportation sector, expansion of the new energy industry, broadening the energy supply chain, and comprehensive recycling of power batteries. (Cailian Press) Huayou Cobalt stated that after LG's withdrawal from the battery project, the Indonesian government hopes the company will lead or jointly promote the project with industry partners. In response to rumors that "Indonesia's Minister of Mining stated that the EV battery project will be taken over by China's Huayou Cobalt instead of South Korea's LG," Chen Xuehua, Chairman of Huayou Cobalt, responded at the company's 2024 performance briefing, "Huayou has been participating in this project as a member of the LG consortium for five years, and it is regrettable that LG did not continue. This project is significant, encompassing businesses from mining to precursors and batteries. Given Huayou's full industry advantages, the Indonesian government hopes Huayou will form new partnerships to jointly advance this project. However, it depends on the conditions ahead. If there is an opportunity, we will push the project forward, but not alone; it may require partners across the industry chain to jointly promote it." (Cailian Press) SK On has reached a battery supply agreement with Slate, an EV company backed by Bezos. SK On, the battery subsidiary of South Korea's SK Group, announced on Friday that it has been selected as the battery supplier for US EV startup Slate. According to the agreement, SK On will supply 20 GWh of batteries to Slate from 2026 to 2031, with the option to increase the quantity as production scales up. These batteries are sufficient to power approximately 300,000 mid-sized EVs. The financial terms of the contract were not disclosed, but industry estimates value it at around KRW 4 trillion ($2.78 billion). (Cailian Press) Ten departments aim for BEVs to become the mainstream of new vehicle sales by 2035. The Ministry of Transport and nine other departments issued guidelines on promoting the integration of transportation and energy development. The guidelines state that by 2035, the integration and interaction between transportation and the new energy system will be fully promoted, initially establishing a transportation energy system that is primarily based on clean and low-carbon energy consumption, supported by technological innovation, and guided by green, smart, and efficient practices. The proportion of electricity in the terminal energy consumption of the transportation industry will remain high, and green power developed based on transportation infrastructure will be primarily consumed locally. BEVs will become the mainstream of new vehicle sales, new energy heavy-duty trucks will be scaled up, and a green fuel supply system for transportation will be basically established. Click for details. The US has relaxed safety requirements for autonomous vehicles by lowering accident reporting standards. The US Department of Transportation announced the relaxation of some safety requirements for autonomous vehicles developed and manufactured by US companies to accelerate their deployment and enhance competitiveness. Under the new rules, if autonomous vehicles are used solely for research, demonstration, and other non-commercial purposes, US automakers can apply to skip certain safety regulations. Autonomous vehicles will no longer need to comply with some previous federal safety requirements for human drivers, such as the installation of rearview mirrors, to be allowed on the road. For accidents involving autonomous vehicles, the threshold for reporting property damage will be raised if the incident is not severe. Additionally, the Department of Transportation plans to establish national regulations on autonomous vehicle technology to replace the current state-by-state approach. (Cailian Press) Related reading: March battery material import and export data released: Spodumene and lithium carbonate imports show mixed trends. How did they perform? [SMM Special] Spot prices of refined cobalt continue to rise, high raw material costs lead to production cuts at some smelters, and this cobalt salt price may remain firm. [Weekly Review] [SMM Analysis] Weekly review of the lithium carbonate market: Demand falls short of incremental expectations, weekly decline exceeds 1,000 yuan! [SMM Analysis] Weekly market review of lithium ore, 4.21-4.25. [SMM Analysis] Weekly market review of lithium hydroxide, 4.21-4.25. [SMM Analysis] Recent electrolyte prices (2025.4.21-2025.4.24). [SMM Analysis] Weekly price trend analysis of ESS battery cells, 4.17-4.24. [SMM Analysis] Spot prices of Co3O4 slightly declined this week. [SMM Analysis] Ternary material prices further pulled back this week. [SMM Analysis] Ternary precursor prices rebounded slightly this week. [SMM Analysis] Spot prices of refined cobalt rose slightly this week. [SMM Analysis] Spot prices of cobalt intermediate products remained stable. [SMM Analysis] Cobalt chloride prices rose slightly this week. [SMM Analysis] Spot prices of cobalt sulphate remained stable, with strong market sentiment. [SMM Analysis] Power battery cell prices remained stable overall this week, with ternary system demand under pressure and weak upward momentum. [SMM Analysis] Negative electrode material prices remained stable this week. [SMM Analysis] Negative electrode raw material coke prices declined to varying degrees this week. [SMM Analysis] No significant fluctuations in supply-demand patterns and costs, graphitisation tolling prices remained stable this week. Market situation of LFP from April 21 to April 25. [SMM Analysis] [SMM Analysis] China's exports of unwrought cobalt and export prices rose significantly MoM in March 2025. [SMM Analysis] Imports of cobalt intermediate products increased both YoY and MoM in March. [SMM Analysis] Competition in ultra-fast charging technology: CATL vs. BYD. [SMM Analysis] Zimbabwe's Step Aside lithium mine project initiates asset monetisation: Focusing on strategic adjustments and market opportunities. The 2025 (10th) New Energy Industry Expo concluded successfully! See industry leaders discuss hot topics! SMM: Global LFP production is expected to continue rising, with prices still heavily influenced by lithium carbonate. [New Energy Summit] [SMM Analysis] China imported 534,500 mt of spodumene in March. [SMM Data] LiPF6 import and export data for March 2025. LFP material import and export situation in March. [SMM Analysis] [SMM Analysis] Ternary cathode import and export volumes in March: Imports up 31% MoM, exports up 36% MoM. [SMM Analysis] Market recovery in March led to increased exports of artificial graphite. [SMM Analysis] Analysis of ternary precursor exports in March.

【Ministry of Commerce on China-EU Auto Negotiations: China Willing to Resolve Trade Frictions Through Dialogue】 The Ministry of Commerce held a regular press conference on the afternoon of April 24. Reporter: China and the EU previously agreed to immediately launch negotiations on EV price commitments and discuss investment cooperation in the auto industry. Can the Ministry of Commerce provide an update on the current progress of these negotiations? Spokesperson He Yadong: Following the video meeting between Minister Wang Wentao and EU Trade and Economic Security Commissioner Šefčovič on April 8, the technical teams from both sides have maintained close communication on EV price commitments and trade investment cooperation, and are accelerating the negotiation process. China is willing to work with the EU to properly handle trade frictions through dialogue and consultation, deepen bilateral practical cooperation, and inject more certainty and positive energy into the Chinese, European, and global economies. 》Click for details 【GFEX Adjusts Price Limits and Margin Requirements for Futures Contracts During 2025 Labor Day Holiday】 Starting from the settlement on April 29, 2025 (Tuesday), the price limit for silicon metal futures contracts will be adjusted to 8%, with speculative trading margin requirements set at 10% and hedging margin requirements at 9%. The price limit for polysilicon futures contracts will be adjusted to 9%, with speculative trading margin requirements set at 11% and hedging margin requirements at 10%. The price limit for lithium carbonate futures contracts will be adjusted to 10%, with speculative trading margin requirements set at 12% and hedging margin requirements at 11%. (Cailian Press) 》Click for details 【Tesla’s Q1 Sales in Europe Plunge 45%】 Data released by the European Automobile Manufacturers Association on the 24th shows that new car registrations in the EU fell 1.9% YoY in the first three months of this year. The market share of EVs and hybrid vehicles continued to expand, while the share of traditional internal combustion engine vehicles shrank significantly. Data shows that gasoline car registrations fell 20.6% YoY to 779,000 units, accounting for 28.7% of the market. Diesel car registrations dropped 27.1%, with market share falling to 9.5%. Pure EV registrations rose 23.9% to 413,000 units, accounting for 15.2% of the market, up from 12% in the same period last year. Data shows that Tesla’s new car sales in Europe fell 45% YoY in Q1. (Cailian Press) 【China’s First Industry Standard for Safe Maritime Transport of Lithium Batteries to Take Effect in May】 Li Ying, spokesperson for the Ministry of Transport, stated at a press conference that the "Technical Requirements for the Safe Transport of Lithium Batteries by Ships" will take effect on May 1. The standard, consisting of 10 parts, 5 informative appendices, and 2 normative appendices, is China’s first industry standard for the safe maritime transport of lithium batteries. Compiled under the leadership of the Maritime Safety Administration of the Ministry of Transport, the standard integrates input from producers, testing agencies, port and shipping companies, and incorporates China’s experience and practices in lithium battery transport. It addresses gaps in existing international and domestic technical standards, ensuring safe and compliant transport of lithium battery products while resolving challenges in transport classification, labeling, and packaging for relevant production and transport companies. This effectively promotes the international trade and domestic safe circulation of China’s lithium battery products, enhancing the country’s competitiveness in the global new energy sector. (Cailian Press) 【Jinyang Co., Ltd. to Invest Up to $90 Million in Malaysian Lithium Battery Precision Component Project】 Jinyang Co., Ltd. (301210.SZ) announced that the company plans to invest in the construction of a lithium battery precision component project in Malaysia, with a total investment not exceeding $90 million. The funding will come from the company’s own funds or self-raised funds. The project will be implemented by a project company established in Malaysia through the company’s wholly-owned subsidiary in Singapore. The construction period is approximately 36 months. The company’s investment in a new production base in Malaysia aims to meet overseas market demand, optimize capacity layout, and enhance overall competitiveness. However, the project faces risks such as approval uncertainties, investment scale and progress uncertainties, overseas market competition, and internal control management. (Cailian Press) 【EVE Energy Reports Q1 Revenue and Non-GAAP Net Profit Up 37.34% and 16.60% YoY, Power Battery Business Expected to Continue Improving】 EVE Energy (300014.SZ) released its Q1 2025 report. Facing a deep adjustment in the new energy industry, the company achieved revenue of 12.796 billion yuan, up 37.34% YoY, demonstrating its lean management and resilience as an industry leader. Non-GAAP net profit attributable to the parent company was 817 million yuan, up 16.60% YoY. The company’s ESS and power battery shipments continued to grow rapidly in Q1. Benefiting from the volume increase of new energy vehicle models, breakthroughs in the plug-in hybrid market, and stable growth in commercial vehicle installations, EVE Energy’s power battery shipments reached 10.17 GWh in Q1, up 57.58% YoY, significantly outpacing the industry average. Meanwhile, the company is actively expanding into emerging markets such as eVTOL, drones, and robots, with some projects having completed the delivery of the first batch of samples. Overseas, the small cylindrical battery factory in Malaysia has been completed and put into production, ESS projects are expected to start mass production next year, and the Hungary base has begun construction, with the internationalization strategy expected to open a second growth curve. (Cailian Press) Related Reading: 【SMM Analysis】Weekly Review of Lithium Carbonate Market: Demand Falls Short of Expectations, Weekly Drop Exceeds 1,000 Yuan! 【SMM Analysis】Weekly Lithium Ore Market Review, 4.21-4.25 【SMM Analysis】Weekly Lithium Hydroxide Market Review, 4.21-4.25 【SMM Analysis】Recent Electrolyte Price Trends, 4.21-4.24, 2025 【SMM Analysis】ESS Battery Cell Price Trends, 4.17-4.24 【SMM Analysis】Spot Prices of Cobalt Tetroxide Slightly Decline This Week 【SMM Analysis】Ternary Cathode Material Prices Further Pull Back This Week 【SMM Analysis】Ternary Precursor Prices Rebound Slightly This Week 【SMM Analysis】Spot Prices of Refined Cobalt Rise Slightly 【SMM Analysis】Spot Prices of Cobalt Intermediate Products Remain Stable 【SMM Analysis】Cobalt Chloride Prices Rise Slightly This Week 【SMM Analysis】Spot Prices of Cobalt Sulphate Remain Stable, Market Sentiment Cautious 【SMM Analysis】Power Battery Cell Prices Remain Stable Overall, Ternary System Demand Under Pressure 【SMM Analysis】Negative Electrode Material Prices Remain Stable This Week 【SMM Analysis】Negative Electrode Raw Material Coke Prices Decline to Varying Degrees This Week 【SMM Analysis】Supply-Demand Pattern and Costs Remain Stable, Graphitisation Tolling Prices Unchanged This Week 【SMM Analysis】LFP Market Situation, 4.21-4.25 【SMM Analysis】China’s Unwrought Cobalt Exports and Export Prices Rise Significantly MoM in March 2025 【SMM Analysis】Cobalt Intermediate Product Imports Rise YoY and MoM in March 【SMM Analysis】Ultra-Fast Charging Technology Showdown: CATL vs. BYD 【SMM Analysis】Zimbabwe’s Step Aside Lithium Mine Project Initiates Asset Liquidation: Focus on Strategic Adjustments and Market Opportunities 2025 (10th) New Energy Industry Expo Concludes Successfully! Industry Leaders Gather to Discuss Hot Topics! SMM: Global LFP Production Expected to Continue Rising, Prices Still Largely Affected by Lithium Carbonate【New Energy Summit】 【SMM Analysis】China’s Spodumene Imports Total 534,500 mt in March 【SMM Data】LiPF6 Import and Export Data for March 2025 【SMM Analysis】LFP Material Import and Export Situation in March 【SMM Analysis】Ternary Cathode Imports and Exports in March: Imports Up 31% MoM, Exports Up 36% MoM 【SMM Analysis】Market Recovery in March, Artificial Graphite Exports Increase 【SMM Analysis】Analysis of Ternary Precursor Exports in March

SMM Cobalt and Lithium Morning Meeting Minutes: Refined cobalt spot prices fluctuated upward this week. Supply side, the current market social inventory remained high, but the inventory structure showed slight differences. Supply side, due to raw materials maintaining high levels, the economic viability of refined cobalt production was poor, and smelters' enthusiasm for refined cobalt production was relatively low, with some smelters implementing production cuts. Demand side, downstream producers' inquiry activity slightly increased, but their willingness to stock up at high prices was not strong. It is expected that refined cobalt prices will maintain a fluctuating trend next week.

Tianqi Lithium: Q1 Net Profit Expected to Turn Around to 82-123 Million Yuan, YoY Tianqi Lithium (002466.SZ) announced that it expects net profit attributable to shareholders of the listed company in Q1 2025 to be between 82 million and 123 million yuan, compared to a loss of 3.897 billion yuan in the same period last year. With the gradual intake of newly purchased lithium concentrates and the digestion of inventory lithium concentrates, the cost of chemical-grade lithium concentrates consumed in the production costs of the company's production sites has largely aligned with the latest purchase prices. Meanwhile, driven by the ramp-up of self-owned plants and technological transformation, the company's production and sales of lithium compounds and derivatives achieved YoY growth in Q1 2025. (Cailian Press) Six Major US Auto Industry Groups Jointly Oppose Tariff Hike on Auto Parts Six major US auto industry groups, representing auto dealers, suppliers, and nearly all major automakers, jointly sent a rare letter to the US Treasury Secretary, Commerce Secretary, and US Trade Representative, urging the federal government not to impose additional tariffs on imported auto parts. The letter stated that tariff hikes on auto parts would disrupt the global auto supply chain, trigger chain reactions, lead to higher car prices, lower sales, and make auto after-sales services and repairs more expensive and unpredictable. (Cailian Press) Geely Holding Unifies Its Battery Brands Under "Shen Dun Gold Brick," Models to Gradually Adopt Self-Produced Cells Cailian Press learned that Geely Holding Group recently completed the strategic integration of its battery business, officially establishing a new battery industry group, Zhejiang Jiyao Tongxing Energy Technology Co., Ltd. (referred to as "Jiyao Tongxing"). The company unified its original Gold Brick Battery and Shen Dun Short Blade Battery into the Shen Dun Gold Brick Battery brand, integrating Geely's self-developed and self-produced battery safety systems with cell products. In the future, Geely Holding's high-end luxury brands, such as Zeekr, will fully adopt the Gold Brick cells, and strategic models across Geely's brands will also be equipped with Gold Brick cells. Note: Tianyancha data shows that Jiyao Tongxing was established on January 26 this year, with actual control by Geely Group founder Li Shufu. (Cailian Press) CATL Collaborates with Five Automakers to Launch 10 New Chocolate Battery Swap Models At the 2025 Shanghai Auto Show, CATL's Chocolate Battery Swap, in collaboration with FAW, Changan, BAIC, Chery, and GAC, launched 10 new Chocolate Battery Swap models, with nine set to debut this year. GAC Group, as the first automaker to fully cooperate with the Chocolate Battery Swap ecosystem, will introduce the Chocolate standard in more of its models and collaborate with CATL in areas such as battery swap station construction, battery banking, marketing of battery swap models, and cascade utilization of retired batteries. (Cailian Press) Honda to Jointly Develop LFP Batteries with CATL Honda announced that it will collaborate with CATL to develop an efficient platform for directly placing batteries within the auto body. The two companies will jointly develop LFP batteries, which are planned to be adopted in the upcoming third-generation YE series models. (Cailian Press) Yicheng New Energy Plans to Acquire 80% Stake in Energy Storage Company and Increase Capital Yicheng New Energy (300080.SZ) announced that it plans to acquire an 80% stake in Henan Pingmei Shenma Energy Storage Co., Ltd. (referred to as "Energy Storage Company") held by its controlling shareholder, China Pingmei Shenma Group. After the acquisition, all shareholders of the Energy Storage Company will proportionally increase capital by 125 million yuan, with Yicheng New Energy contributing 100 million yuan. Following the acquisition and capital increase, the registered capital of the Energy Storage Company will increase from 30 million yuan to 155 million yuan, and Yicheng New Energy will hold an 80% stake, making the Energy Storage Company its subsidiary. The acquisition price for the 80% stake is 35.497 million yuan. The Energy Storage Company primarily produces and sells intelligent lithium-ion battery energy storage systems. After the acquisition, the company will achieve a combination of long-duration and short-duration energy storage, which will help strengthen and expand its main business. 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