With increasing interest in electric vehicles (EVs) from consumers, the market for lithium-ion EV batteries is now a $27 billion per year business.
❗ FUN FACTS ❗
✅ The top 10 EV battery manufacturers by market share are all headquartered in Asian countries, concentrated in China, Japan, and South Korea.
✅ The top three battery makers—CATL, LG, and, Panasonic—combined, make up for nearly 70% of the EV battery manufacturing market.
✅ Contemporary Amperex Technology Co. Limited (CATL) has become the biggest global battery group in less than 10 years. The company provides lithium iron phosphate (LFP) batteries to Tesla, Peugeot, Hyundai, Honda, BMW, Toyota, Volkswagen, and Volvo.
✅ Outside China: Panasonic has Tesla and Toyota among its battery buyers. LG pouch cells are used in EVs from Jaguar, Audi, Porsche, Ford, and GM.
✅ A host of next-generation battery technologies are already being developed by U.S. companies, including Ionic Materials, QuantumScape, Sila Nanotechnologies, Sion Power, and, Sionic Energy.
Source & Credit: Elements (Bruno Venditti)