China Still Has a Stranglehold on EV Battery Manufacturing
As the electric vehicle market grows at explosive rates around the world, so does the demand for the batteries that power these vehicles. While the United States and Europe are trying to create their own supply chains for these vital batteries, Asian suppliers, and particularly China, have a dominant command of the battery supply. According to available statistics, Chinese companies command a dominant 56% of the EV battery production capacity. Korea comes in second at 26%, and Japan completes the top three with a 10 percent share of the worldwide electric vehicle battery market. At company level, CATL leads all…