Lyu Xiang, a US studies expert at the Chinese Academy of Social Sciences, said that Chinese battery makers are also finding ways out, as can be seen in the Ford-CATL cooperation, where CATL will license its technology to Ford instead of directly producing batteries. "This cooperation model kills two birds with one stone.
Chinese companies now dominate the global battery market with more than 60 percent share, with six of them being on the top 10 battery exporters' list. China is also the global leader in solar photovoltaic panel production, accounting for 74 percent of global EV battery patents. It is also the largest producer of EVs in the world.
Currently in China, in addition to well-known battery giants like Contemporary Amperex Technology Co Ltd and BYD, peers such as CALB, Gotion High-tech Co, Sunwoda and Eve Energy are also among the world's top 10 EV battery makers. All of these battery giants have announced plans to expand foreign business.
South Korean market consultancy SNE Research said in a recent report that China continued to dominate the global power battery market in the first 10 months. Six of the world's top 10 battery makers are from China, with their market share taking up 63.3 percent of the total.
Lithium technologies are expected to advance quickly over the next few years. However, companies in China and beyond are frantically pursuing alternative batteries not centred around lithium, in part because the minerals needed to make the current options come from just a few countries.
"Huge opportunities await for these battery makers as the global battery market still has huge development potential in the coming years," he added.
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