EV Batteries: A $240 Billion Industry In The Making

Even those who consider themselves somewhat knowledgeable about the electric vehicle (EV) industry would be hard pressed to name more than a handful of EV battery suppliers.

Most would quickly name Japan’s Panasonic and South Korea’s Samsung and LG Chem, as well as reference the Gigafactoy that Panasonic and Tesla opened this past January in Nevada. A few of the more knowledgeable would also name BYD, a leading electric vehicle manufacturer in China that is also one of the world’s largest battery suppliers.

Other than those names, however, and perhaps one or two other lesser known players, the list would end there.

Nearly everyone would be surprised to learn that there are now more than 140 EV battery manufacturers in China, busily building capacity in order to claim a share of what will become a $240 billion global industry within the next 20 years. As in all things auto, EVs and the batteries that will power them promise to be big industries in China.