The World's Biggest Battery Maker Is Turning Away From EVs
Hormuz Shutdown Forces Malaysia to Overhaul Crude Supply Chain Haley Zaremba is an energy journalist and researcher with more than a decade of professional experience covering global energy systems, land and natural resources, and… As global energy markets change, companies along the electric vehicles manufacturing supply chain are rushing to expand and diversify.
The Trump administration’s stance on clean energy and aggression in Iran, among other energy-related bombshells, have made waves through global energy markets and created a general air of uncertainty that is leading many energy firms to put their eggs in more baskets.
As a result, many EV companies and battery makers are turning to the next obvious market for their products, both used and recycled: energy storage.
Chinese battery giant CATL has just announced that it aims to have energy storage representhalf of its global salesby just 2030, marking a major shift in the company’s strategy with far-reaching implications for global markets.
CATL is the largest maker of EV batteries in the world, representinghalfof China’s enormous battery market, and a whopping38.1 percent stakeof the global market.
The scale and reach of CATL’s operations mean that any decision they take will have massive implications for the rest of the world.
CATL’s pivot away from EV battery manufacturing could lower global supplies and cause the price of EVs to rise worldwide, warns a recentreportfrom CBT News.
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The company’s decision to target 50 percent energy storage sales by the end of the decade is just the latest development in a yearslong shift away from EV batteries and toward energy storage.
Five years ago, energy storage represented just 2 percent of CATL’s sales.
Now it represents one-quarter of CATL’s sales, and 30.4 percent of the global energy storage market.
In fact, CATL has already been the largest provider of batteries for energy storage in the world for five years running.
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