Posted 2/25/2024, 6:30:12 AM
China's EV Battery Industry Faces Oversupply and Lower Profits as Demand Growth Slows
- China's EV battery industry faces excess inventory and production capacity as EV demand cools
- Battery prices plunged in 2023 amid oversupply; small manufacturers could be squeezed out
- Industry expected to break even in 2024, but top players may not see profits until 2025
- EV sales growth in China forecast to slow from 31% in 2023 to 25% in 2024
- Excess lithium supply could worsen from 5kt in 2023 to 31kt in 2024 and 118kt in 2025