China plans to allocate $845 million towards boosting its advanced electric vehicle (EV) battery objectives.
Six companies, including the world's largest battery manufacturer CATL and major automakers like BYD and Geely, have been chosen by the Chinese government to develop all-solid-state batteries (ASSBs). This information was shared by the official China Daily newspaper on Wednesday, citing anonymous industrial sources.
This groundbreaking project will be spearheaded by relevant government ministries and commissions, without providing further details.
ASSBs are a novel technology that enhances traditional lithium-ion batteries (LIBs) by using a solid, conductive electrolyte instead of liquid or gel-form material. They are less prone to catch fire or explode compared to regular batteries and offer higher energy density. However, their high cost and difficulty in mass production have made them unavailable to the public at this time.
The news of China's planned investment in ASSBs comes at a crucial time for its trade relations with the West. Earlier in the month, the Biden administration imposed significant tariffs on Chinese EVs, advanced batteries, and other goods, claiming it is necessary to protect US jobs and businesses that are affected by the oversupply of certain products in China.
The European Commission is expected to announce its decision on Chinese EV tariffs shortly, which may impact hundreds of thousands of Chinese-made cars that are exported to Europe annually.
Nevertheless, China is pushing ahead with its efforts to speed up EV production as part of its endeavor to tackle a property-induced economic downturn and promote a green economy.
Global automakers and technology companies are also involved in developing ASSBs. In January, Toyota announced its plans to release vehicles with solid-state batteries in a few years. Samsung SDI announced in March that it will begin mass producing solid-state batteries in 2027. Volkswagen has also been striving to create these batteries with US startup Quantum Scape.
Even Chinese rivals are stepping up their game. GAC Group, a state-owned automaker based in Guangzhou, stated in November that it had made a breakthrough in solid-state batteries and plans to launch vehicles equipped with them in 2026.
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This investment in ASSBs by China could potentially revolutionize the global tech-driven business of electric vehicle batteries.
Given the increasing focus on green technologies, many tech companies worldwide, such as Toyota and Volkswagen, are also actively researching and developing solid-state batteries for their business operations.
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