The peak of China's new energy vehicle and power battery retirement is expected to arrive in 2025

According to a Weber Consulting report, by the end of 2022, a total of 510,000 new energy vehicles in China will be scrapped, and 24.4GWh (241,000 tons) of scrapped power batteries will be scrapped. It is expected that by 2025, China will usher in a peak in the retirement of new energy vehicles and power batteries, and the market potential for scrapped vehicle recycling and dismantling will be huge. At present, many companies have entered the power battery recycling industry, including automobile companies such as BYD and Geely, as well as battery companies such as CATL and Honeycomb Energy, and third-party recycling companies such as GEM.