The battle for next-gen EV batteries takes off

IT IS something of an industry truism that China’s electric vehicle (EV) industry has swept away everything before it.

China has almost 70 per cent of the global EV market. It is also the world’s leading EV car exporter. In 2024, Chinese EVs dominated the markets in Brazil, Colombia, Mexico, Uruguay, Indonesia, Malaysia, Uzbekistan, Morocco, Egypt, Jordan and South Africa, according to the International Energy Agency.

Just one EV manufacturer, BYD, reported that Britain has become its largest market outside China, with sales growing an astounding 880 per cent year on year in September. China has been able to race ahead thanks to battery innovation, low domestic energy prices coupled with the country’s dominance in rare earth technology. Beijing’s initial subsidies helped, of course. But is that the end of the EV story? Not by a long shot.