Global EV & Battery Update April 2026: EV/PHEV mix strong in China/EU vs US weak; ESS momentum accelerates

研报英文原文证据摘录

Global EV & Battery Update April 2026: EV/PHEV mix strong in China/EU vs US weak; ESS momentum accelerates

al companies’ key commentaries from 1Q earnings

• L&F’s 1Q OP beat was led by a reversal of inventory write-offs. Cathode shipments rose

12% q/q on strong high-nickel demand and L&F’s dominant share at a key auto OEM.

For 2Q, management guided to 6% q/q shipment growth and a 13% q/q ASP increase on

higher commodity prices, with OP staying positive. LFP ramp is targeted at 30ktpa from

late-3Q26, scaling to 60ktpa by 2027-28, initially for ESS with EV optionality;

management highlighted rising ex-China LFP demand post SDI ESS contract (link).

• Ecopro BM (EBM) delivered broadly in-line 1Q OP, with cylindrical cathode sales

rising on improving power tools/BBU demand and EV cathode volumes rebounding

alongside a recovery in Europe EV demand. Management guided 2026 shipment growth

at +20% y/y, citing Europe EV strength offsetting US weakness, stronger cylindrical

battery demand, and rising localization needs that should benefit the Hungary plant (link).

• Posco Future M (PFM) 1Q OP came largely in-line. Management guided +20% y/y

cathode shipments in 2026, led by high-nickel cathodes targeting powertools and

increasing volumes to new customers. LFP ramp is guided to start in late-26/early-27,

while the LFP cathode JV with CNGR targets production from 2H27 (link).

• LG Chem reported strong 1Q earnings with cathode shipments up 60% q/q. Management

commented that their next-gen high-density LFP cathode will begin mass production by

end-2027 or early-2028, and sodium battery materials for high-power applications are

expected to enter mass production in 1H28 (link).