China to invest $845 million on ramping up its advanced EV battery ambitions
CNN
China plans to invest around 6 billion yuan ($845 million) to develop next-generation battery technology powering electrical vehicles (EVs), even as its industrial policy has sparked overcapacity concerns and become a key target of US and European complaints.
China plans to invest around 6 billion yuan ($845 million) to develop next-generation battery technology powering electrical vehicles (EVs), even as its industrial policy has sparked overcapacity concerns and become a key target of US and European complaints. A total of six companies — including CATL, the world’s biggest battery manufacturer, and major automakers like BYD and Geely — are eligible for government support to develop all-solid-state batteries (ASSBs), the official China Daily newspaper reported Wednesday, citing unnamed industrial sources. The “unprecedented” project will be led by the relevant government ministries and commissions, it said, without giving details. ASSBs are a new technology that improves on traditional lithium-ion batteries (LIBs) using a solid, conductive electrolyte instead of liquid or gel-form material. They are less likely to catch fire or explode than conventional batteries and have higher energy density, so they are believed to be safer and more powerful. However, the powerful batteries are not widely available at the moment due to their high cost and difficulty in being mass produced. The news of Beijing’s intended investment comes at a fraught time for China’s trade relations with the West.
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