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β‘πο½By 2030, China will manufacture more than twice as many electric batteries as all other countries combined.
The country has invested over US$130 billion in research incentives, government contracts, and subsidies for the purchase of electric vehicles.
Follow the π§΅1/7
The country has invested over US$130 billion in research incentives, government contracts, and subsidies for the purchase of electric vehicles.
Follow the π§΅1/7
China dominates 41% of the world's cobalt mining reserves & refines 73%. It also refines 95% of the worldβs manganese, 70% of the graphite, & 67% of the lithium.
With government support, companies are able to refine minerals at higher volumes and lower cost than elsewhere. 2/7
With government support, companies are able to refine minerals at higher volumes and lower cost than elsewhere. 2/7
The cathode is the most important component of the battery. Until very recently, the most common cathode used a combo of nickel, cobalt, & manganese.
China has invested in a cheaper option using lithium iron phosphate (LFP), which already accounts for half of the market. 3/7
China has invested in a cheaper option using lithium iron phosphate (LFP), which already accounts for half of the market. 3/7
China has 99% of the world's LFP cathode production and 73% of its nickel, cobalt, and manganese (NMC) cathodes.
The USA produces 1% of NMC cathodes. The US is interested in the production of LFP, but needs help from Chinese companies, which have the knowledge. 4/7
The USA produces 1% of NMC cathodes. The US is interested in the production of LFP, but needs help from Chinese companies, which have the knowledge. 4/7
Incentives for buying electric cars in China range from discounts on taxes, vehicle registration, preferential parking, and access to an extensive charging network. 5/7
From 2021β2022, worldwide sales of electric vehicles grew 55%, reaching 10.1 million units. China accounted for 59% (5.9 million) of these sales.
In second place is Europe, with a 26% share and 2.6 million units sold. 6/7
In second place is Europe, with a 26% share and 2.6 million units sold. 6/7
In the first quarter of 2023, China overtook Japan as the world's largest automobile exporter, registering a 58% year-on-year increase, adding 1.07 million units. The growth is largely due to exports to Russia. 7/7
Sources:
nytimes.com/interactive/20β¦
canalys.com/newsroom/globaβ¦
asiatimes.com/2023/05/china-β¦
nytimes.com/interactive/20β¦
canalys.com/newsroom/globaβ¦
asiatimes.com/2023/05/china-β¦
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