The solid-state battery, regarded as the “holy grail of lithium batteries,” has once again ignited the enthusiasm of public opinion. During the week from October 17th to 25th, vehicle companies such as Chery Automobile and Dongfeng Motor, as well as battery companies such as Guoxuan High tech, Xinwangda, EVE Energy, Qingtao Energy, Funeng Technology, Weilan New Energy, etc., may release new solid-state batteries, announce the construction of pilot lines, or clarify the time points for mass production and commercial application.
Under the intense news of mass production, solid-state batteries seem to have emerged from the laboratory overnight and are about to be applied on a large scale. In the A-share market, solid-state batteries have also become the “new favorite” in the eyes of capital.
But in the eyes of many industry insiders, the commercialization of solid-state batteries still requires time and patience.
Zhang Tianci, a senior executive of Jiyao Tongtong and former general manager of Weirui Battery Business Unit, told Economic Observer: “From an engineering perspective, it’s not that fast. Some information is misleading. Personally, I’m still cautious. Recently, lithium major factories have stopped mentioning mass production of solid-state batteries, hoping to cool down the industry
Gu Guohong, Vice Dean of the School of New Energy Vehicles at Jiangsu University, stated that true all solid state batteries are still in the laboratory and small-scale testing stage globally. But beyond academic discussions, it’s completely different when it comes to investment and financing, attracting investment, and the secondary market. There is a lot of ‘false advertising’ and ‘concept hype’ about solid-state batteries, which not only misleads the market, but also puts pressure on many companies that are truly committed to research and development
Tail battery companies’ arch fire ‘
The popularity of solid-state batteries reached another peak in October, and there was a phenomenon of technological breakthroughs, capacity expansion, and commercial application resonance.
In September, Tsinghua University and the Qingdao Institute of Energy of the Chinese Academy of Sciences announced the development of a new type of fluorinated polyether electrolyte and zero strain positive electrode material, lithium titanium germanium phosphorus sulfur selenium, which has improved the safety, energy density, and lifespan of solid-state batteries.
On October 23rd, Xinwangda announced the launch of a new generation of polymer all solid state battery – “Xin Bixiao”, with a single energy density of 400Wh/kg. Xinwangda also announced that its laboratory has successfully developed 520Wh/kg lithium metal battery samples and plans to build a 0.2GWh polymer solid-state battery cell pilot line by the end of 2025.
Chery has announced that solid-state batteries have higher energy density. On October 18th, Chery Automobile announced at the 2025 Global Innovation Conference that it has achieved a technological breakthrough in the entire industry chain of solid-state batteries. Its Rhino S solid-state battery has a cell energy density of up to 600Wh/kg and will start the first batch of vehicle validation in 2027.
Some battery companies have released information that they will build pilot lines or expand production of solid-state batteries. On October 17th, Zhengli New Energy announced plans to raise approximately HKD 500 million and construct a pilot line for all solid state batteries after the completion of the second phase of the Changshu new production plant by the end of 2026; On October 23rd, Qingtao Technology announced that the three solid-state battery production lines of its Wuhai Phase I project are ready for production, and samples have been tested at headquarters, awaiting verification results.
Some companies have even announced that their solid-state batteries have made substantial breakthroughs in commercialization. On October 23rd, Funeng Technology announced plans to deliver the first generation sulfide all solid state battery with a capacity of 60Ah by the end of this year; On October 25th, Weilan New Energy announced that it has signed a procurement agreement for approximately 4 billion yuan worth of 4GWh solid-state battery cells and energy storage equipment with Guohai (Tianjin) Trading Co., Ltd., a subsidiary of Shaanxi Forestry Group.
If we broaden our horizons, the popularity of solid-state batteries has already begun in 2024. With the introduction of relevant policy documents supporting the development of solid-state batteries, many enterprises have begun to seize opportunities to lay out solid-state batteries.
In May 2024, Guoxuan High Tech released the Jinshi all solid state battery and the G-yuan quasi solid state battery with a range of 1000 kilometers, with cell energy densities of 300Wh/kg and 300Wh/kg, respectively; In August of that year, Penghui Energy released two soft pack all solid state batteries, 20Ah and 2000mAh, with an energy density of 280Wh/kg.
In July of this year, Zhongqi New Energy released a 100Ah all solid state “Jinyang Battery” soft pack battery with an energy density of over 400Wh/kg. Yu Changhong, member of the Party Committee, Vice General Manager, and Chief Technology Officer of China Automotive New Energy Battery Technology Co., Ltd., introduced in late August that the battery cell is currently ready to be produced and is planned to be used in China FAW models in 2026.
In September, the Chengdu mass production base of EVE Energy Solid State Battery Research Institute officially unveiled the “Longquan No.2” 10Ah all solid state battery with an energy density of up to 300Wh/kg, and plans to launch the next generation product with an energy density of 400Wh/kg in the fourth quarter.
From the perspective of technology intensive breakthroughs, accelerated production capacity and commercial order launches, as well as the continuous updates of enterprises to the market, solid-state batteries seem to have completed a historic leap from laboratory research and development to large-scale applications, and mass production seems to be just around the corner.
Currently, some unknown companies are entering the field of solid-state batteries. On October 15th, Three Dimensional (Shaanxi) Battery Technology Co., Ltd. settled in Yugan High tech Zone, Shangrao, Jiangxi Province, with a planned amount of 1.7 billion yuan to build a solid-state battery project with an annual output of 2GWh; On the same day, Jinsheng New Energy (Shenzhen) Group Co., Ltd. invested 1 billion yuan to settle in Guiping City, Guigang, Guangxi, and built a production base including a 1GWh semi-solid state battery project; On October 20th, Hami Haochen Xinghui Technology Co., Ltd. announced that its annual production of 8GW solid-state batteries has completed the construction of 5 main factory buildings and is expected to start trial production in December.
At the same time, the capital market has become increasingly crazy, with A-shares of solid-state battery concept stocks showing explosive upward trends in the past six months. In April, the solid-state battery sector index was 1200 points, soaring to 2426 points on October 9th, with a nearly doubling increase within six months; The market value of companies such as Guoxuan High tech, EVE Energy, and Penghui New Energy has increased by over 120%, while Funeng Technology has risen by 70%.
Several industry insiders have told the Economic Observer that the current solid-state battery industry has been swept up by speculative capital and concepts, and solid-state batteries are still mainly in the laboratory stage. There is still a long way to go before they can be truly industrialized. Look at how they boast about production time and energy density, they are even better than CATL, BYD, and Toyota, “a senior industry insider who declined to be named told reporters.” But which companies are they bragging about? They are all tail end battery companies and emerging battery companies. From a basic understanding perspective, do they have that strength
Top enterprises generally remain calm
Compared to the aforementioned companies, several leading power battery companies appear relatively calm, such as CATL, BYD, Toyota, Samsung SDI, etc. At present, except for China Automotive New Energy’s announcement that its solid-state batteries will be launched in 2026, most leading battery and car companies believe that 2027 may be the node for mass production of solid-state batteries.
Both CATL and CATL expect small-scale production of solid-state batteries to begin in 2027, with the possibility of larger scale production around 2030; On October 29th, during the Tokyo Motor Show, Keiji Kaita, President of Toyota’s Carbon Neutral Engineering Development Center, stated that the company is “pushing forward according to the original schedule” and is expected to launch the first mass-produced model equipped with solid-state batteries in 2027 or 2028.
At a time when the popularity of solid-state batteries remains high, leading lithium battery companies, some automotive companies, and industry institutions continue to cool down the market. Deng Chenghao, Vice President of Changan Automobile, emphasized twice in the first half of this year that ‘don’t expect to buy real solid-state batteries before 2030’.
At the semi annual performance meeting on July 30th, the relevant person in charge of CATL stated that many solid-state battery products currently under development in the market are actually semi-solid batteries, and the commercialization of solid-state batteries is very complex, taking into account factors such as cost and supply chain maturity. Among them, the maturity of the supply chain requires a cycle of more than 3 years.
Recently, there has been a rumor circulating online that “CATL plans to mass produce all solid state batteries with a range of 2000 kilometers and an energy density of 450Wh/kg by 2027.” In an interview, a person in charge of CATL denied that “currently, all solid state batteries are still in the stage of technology research and development and pilot testing preparation, and it is impossible to achieve mass production in 2027
In addition to the production time, the energy density of battery cells announced by various companies also shows significant differences. The Chery Rhino S all solid state battery has the highest cell energy density of 600Wh/kg; Qingtao Energy announced that the energy density of its all solid state battery laboratory samples has exceeded 500Wh/kg, while the energy density of Xinwangda’s “Xin Bixiao” is 400Wh/kg, and a 520Wh/kg solid state battery sample has been developed.
The energy density of the products under development by Zhengli New Energy can reach up to 400Wh/kg; The energy density of the all solid state battery that Funeng Technology plans to deliver by the end of the year is 400Wh/kg; Yiwei Lithium Energy’s “Longquan-2” all solid state battery has an energy density of 300Wh/kg and aims to reach 400Wh/kg this year; Guoxuan High tech’s “Jinshi Battery” has an energy density of 350Wh/kg; Penghui Energy’s solid-state battery energy density has increased from 280Wh/Kg to 320Wh/Kg.
As leading companies in the power battery industry, CATL and BYD have never officially announced their solid-state battery energy density. Changan Automobile recently announced that it plans to gradually mass produce all solid state batteries with an energy density of 400Wh/kg by 2027. Honeycomb Energy is expected to complete the development of 10Ah grade all solid state battery cells by the end of 2025, with an energy density of 400Wh/kg; Develop all solid state battery cells with a capacity of 70Ah or higher and an energy density of 500Wh/kg by 2028.
Recently, Gu Guohong posted that based on my years of tracking results, it can be responsibly said that under the existing material conditions, there is no all solid state battery that can maintain an energy density of ≥ 400Wh/kg and can be used for long cycles at room temperature and atmospheric pressure. True all solid state batteries are still in the laboratory and small-scale testing stage globally. Some companies claim to have achieved ‘all solid state mass production’, while others release ‘energy density exceeding 500Wh/kg’, but cannot provide physical verification. ”
Technical bottlenecks and high costs
Solid state battery refers to a new battery technology that uses solid electrolytes instead of traditional liquid electrolytes. Its advantages mainly include low ignition, high energy density, long cycle life, and good low-temperature performance. The electrolyte materials of solid-state batteries mainly include halides, oxides, sulfides, polymers, etc. Sulfide solid electrolytes are one of the most promising technological directions due to their highest lithium-ion conductivity and good mechanical properties.
It is precisely because of the application of new materials that solid-state batteries have higher safety and energy density. For example, the current energy density of liquid lithium-ion batteries is approaching its upper limit (about 350Wh/kg), while the energy density of all solid state batteries is expected to exceed 500Wh/kg; The initial temperature of thermal runaway for traditional liquid electrolytes is about 150 ℃, while for polymer solid electrolytes it is generally between 300-400 ℃, and for sulfides it is between 200-600 ℃, which is much higher than the thermal runaway temperature of liquid batteries.
On May 22, 2025, the Chinese Society of Automotive Engineers officially released the group standard “Determination Method for All Solid State Batteries” (T/CSAE434-2025), which for the first time defined “all solid state batteries” with an electrolyte content of 0. The main method for determining solid-state batteries is quantitative detection, which means that after drying under vacuum at 120 ℃ for 6 hours, the weight loss rate is ≤ 1%. The weight loss rate refers to the ratio of the mass lost by the sample under specific conditions to the initial mass.
At present, there are still no mass-produced all solid state batteries, and even the application of semi-solid state batteries is almost non-existent. The Zhiji L62024 Max Lightyear Edition and SAIC MG4 Top of the Line Edition are equipped with Qingtao Energy’s semi-solid state batteries, but the Zhiji L6Max Lightyear Edition has been discontinued and only lithium iron phosphate and ternary lithium batteries are available for sale. The solid-state battery of SAIC MG4 will not be available until next year, and car companies such as GAC Haobo and NIO have long claimed to use solid-state batteries, but there has been little progress so far.
The main bottleneck of solid-state batteries is the slow charging and discharging speed and rapid capacity decay. High mechanical strength solid-state electrolytes are still difficult to completely suppress lithium dendrite growth and achieve uniform deposition of lithium metal. The stability reduction caused by solid solid interface contact is the main reason for battery failure and the core bottleneck for improving the performance and mass production of all solid state batteries. Currently, static pressure technology can be used to improve the solid solid interface contact problem of all solid state batteries.
Isostatic pressure technology utilizes the incompressible and uniformly transmitted pressure properties of liquids or gases to uniformly apply pressure to the processed parts from all directions, resulting in consistent pressure on the powder in all directions, thereby achieving high-density blank forming and effectively eliminating internal voids in the battery cell. During the production of all solid state batteries, a pressure exceeding 300 MPa is usually required to densify them, reduce the porosity inside the battery, and enhance the contact between the electrode and the solid electrolyte.
At present, all the published data on solid-state batteries are obtained through testing under 20 megapascals of isostatic pressure, which is approximately equivalent to 197 atmospheres. Wang Yong, the head of a power battery company in the south, told the Economic Observer that after exchanging information at academic conferences, Japanese experts would say that the above data was measured under XX pressure, but Chinese experts do not ask and do not tell, and some even ask and do not tell.
Cost is also a major challenge for the application of solid-state batteries. Sun Huanli, Chief Technology Officer of the R&D Institute of China FAW Group Co., Ltd., once revealed in a speech that the price of sulfide electrolytes is about 6000-50000 yuan/kg, and the market price of lithium metal negative electrodes is currently 850000 to 950000 yuan/ton, which is about 17-19 times the price of high-end artificial graphite negative electrode materials.
In addition, yield loss further increases unit costs. At present, the laboratory stage yield of solid-state batteries is only 60% -70%, and the pilot line yield is as low as 40% -50%, far lower than that of liquid batteries.
At the TEDA Forum in September, Yang Hongxin, Chairman and CEO of Honeycomb Energy, stated that although solid-state batteries have enormous potential, their current cost is still 5 to 10 times that of liquid batteries, and mass production still faces multiple challenges in materials, processes, and industrial chains.
Large scale applications are not in cars
Nowadays, there are different demands for promoting solid-state batteries. Some are for financing, some are for shaping a leading image, and some are for the company’s stock price and market value. Each enterprise has its own way of playing. “Wang Yong told the Economic Observer that they are competing for orders for lithium iron phosphate batteries from host factories at low prices while building momentum for solid-state batteries in the capital market.
It is worth noting that battery companies that have released solid-state batteries and frequently released positive news to the market do not have a large market share in the lithium-ion power battery market, and their own operating conditions are also poor.
According to financial report data, Guoxuan High tech’s net profit for the first three quarters of 2025 was 2.533 billion yuan, a year-on-year increase of 514.35%. The net profit attributable to the parent company in the third quarter is equivalent to the total net profit attributable to the parent company in 2023 and 2024, but this is mainly due to the holding of Chery shares. That is to say, Guoxuan High tech’s two-year battery sales are not enough to offset an early investment in Chery Automobile. 2027 is a small batch production milestone, and those companies that have recently been building momentum on solid-state batteries also need to achieve real mass production before this milestone, but this requires capital investment. Because their own funds are not enough, they must build momentum and raise funds, “Wang Yong said.” Climbing up is the fate of every person and company at the back. If battery companies don’t talk about solid-state batteries now, how can they raise money
Yiwei Lithium Energy’s revenue for the first three quarters of 2025 was 45.002 billion yuan, a year-on-year increase of 32.17%; Deducting non attributable net profit of 1.937 billion yuan, a year-on-year decrease of 22.51%; The gross profit margin was 15.95%, a year-on-year decrease of 6.33%. In the first half of the year, the domestic market share of EVE Energy Power Battery fell to fifth place, with a global market share of only 2.8%; The shipment volume of energy storage batteries has been surpassed by Haichen Energy Storage, and the dual line has been lost. The capacity utilization rate of EVE Energy dropped to 69.2% last year, hitting a new low in nearly four years and lower than the industry average of 75%.
In April of this year, Zhengli New Energy (03677HK) was listed on the Hong Kong stock market. The company raised over 5.3 billion yuan in two years, thanks to nearly 2.8 billion yuan in three years. On October 17th, Zhengli New Energy announced that it plans to raise approximately HKD 500 million for expansion and the construction of a pilot line for all solid state batteries. Funeng Technology’s third quarter revenue was 2.211 billion yuan, a year-on-year decrease of 1.2%; Net profit loss of 224 million yuan, with the loss amount further expanding. Funeng Technology’s revenue for the first three quarters was 6.564 billion yuan, a year-on-year decrease of 28.74%; Net profit loss of 385 million yuan.
Although there is often a promotion of “solid-state batteries on the road”, the first application scenario of solid-state batteries may not be in cars. Solid state batteries have been first introduced in energy storage scenarios. This year, a subsidiary of Shaanxi Forestry Group signed a 4 billion yuan contract with Weilan New Energy for 4GWh solid-state battery cells and equipment, mainly used for energy storage.
Low altitude drones are currently the most popular application scenario for solid-state batteries. Xu Zhongling, the director of the Central Research Institute of Xinwangda Power Technology Co., Ltd., revealed that its all solid state batteries will be first used in fields such as aircraft and robots, because these scenarios require extremely high energy density and safety, but are not sensitive to cost and can quickly verify the technical value. When the industry chain matures and costs are reduced, it will then penetrate into the automotive field. The solid-state battery market is too hot, I hope there will be a miracle. What if money is used to invest in a project? “Wang Yong said,” Without considering costs, it’s up to who can truly produce the product
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