Connect with us

Business

China dominates the global electric car battery market

Avatar

Published

on

The global electric vehicle (EV) battery market is expected to grow from 17 billion dollars to more than 95 billion dollars Between 2019 and 2028.

With the increasing demand for decarbonization of the transportation sector, companies producing batteries that power electric vehicles have seen significant momentum.

Visual Capitalist’s Bruno Venditti and Sabrina Lam . Updated Previous infographic showing the world’s largest battery manufacturers in 2022.

Chinese domination

Despite efforts by the United States and Europe to increase domestic battery production, Asian suppliers still dominate the market.

The top 10 producers are all Asian companies.

Currently, Chinese companies form 56% of the electric vehicle battery market, followed by Korean manufacturers (26%) and Japanese manufacturers (10%).

Advertisement

CATL, the leading battery supplier, expanded its market share from 32% in 2021 to 34% in 2022. third Of the electric car batteries in the world come from the Chinese company. CATL supplies Li-ion batteries for Tesla, Peugeot, Hyundai, Honda, BMW, Toyota, Volkswagen and Volvo.

Despite facing strict scrutiny after EV battery fire remember In the United States, LG Energy Solution remains the second largest battery manufacturer. In 2021, the South Korean supplier agreed to pay General Motors $1.9 billion to cover 143,000 Chevy Bolt EVs that were recalled due to fire risks from faulty batteries.

BYD took third place from Panasonic as it nearly doubled its market share over the past year. The Warren Buffett-backed company is the world’s third largest automaker by market value, but it also produces batteries that are sold to markets around the world. Recently Sales figures It indicates that BYD will outperform LG Energy Solution in market share in the coming months or years.

battery power era

electric car They are here to stay, while internal combustion engine (ICE) cars are set to die out in the coming decades. Recently, General Motors announced that it aims to Stop ICE cars sold by 2035, while Audi plans To stop production of such models by 2033.

Along with electric vehicles, battery technology is essential for energy transmission, providing intermittent storage Solar and wind energy generation.

Advertisement

As battery makers work to meet the growing demand for electric vehicle transmission and improve the energy density of their products, we can expect even more interesting developments in the industry.

by Zerohedge.com

More Top Reads from Oilprice.com:

Read this article on OilPrice.com


Source link

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Business

Harvesting a tax loss comes with hidden dangers

Avatar

Published

on

Investors crushed by the volatile markets of 2022 are using tax loss harvesting to boost returns. But the tax strategy comes with pitfalls that everyone should be aware of.

Source link

Continue Reading

Business

A top aide to Ukrainian President Zelensky accuses BP of profiting from the war with a stake in the Russian oil company.

Avatar

Published

on

Basic [hotlink ignore=true]energy[/hotlink] The company that pledged to sell its stake in Russia has yet to do so, and a senior Ukrainian official has accused it of siphoning off millions from the war.

British Petroleum is one of the largest oil and gas companies in the world announce Last February, it said it would sell its 19.75% stake in Russian energy company Rosneft in the aftermath of Vladimir Putin’s invasion of Ukraine.

But after nine months, [hotlink]BP[/hotlink] It has not yet emptied its stake, and one of the closest advisers to Ukrainian President Volodymyr Zelensky is demanding that the company cut ties immediately.

Zelensky’s chief economic adviser, Oleg Ustinko, wrote a letter – it’s been seen before BBC And the The guardian— to Bernard Looney, CEO of BP, urging the company to keep its pledge from the early days of the war, while accusing BP of complicity with Russia in violating international law and its abuses in Ukraine by holding on to its stake in Rosneft.

Advertisement



“After nine months of Russian aggression, war crimes, and bombing of civilian infrastructure, all financed and supplied by Russian oil, gas, and coal, BP remains a Rosneft shareholder,” Ustenko wrote.

A BP spokesman said luck The difficulties in selling BP’s stake in Rosneft stem from complications related to Western sanctions against Russian companies.

Ustinko also accused BP of continuing to receive payments from Rosneft in the form of dividends, citing its latest Analytics From the NGO Global Witness. The analysis claimed that by failing to sell its stake in Rosneft, BP “continues to receive dividends to shareholders, known as dividends” from the Russian company.

Based on a Pay compensation to Rosneft shareholders Last month, Global Witness estimated that BP took in around £580 million (about $713 million) in the first nine months of 2022.

A BP spokesperson said that the company has not received any dividends from Rosneft shares since February, and does not expect to receive any dividends in the future, adding that the decision to sell Rosneft shares resulted in $24 billion in damage.

Advertisement



They added that any payments made by a Russian company to “unfriendly countries” abroad would be strictly monitored by the Russian government.

But Ustinko claimed in his letter that BP’s inability to sell its stake still made it complicit with Rosneft. Huge profits This year, which supported the Russian war effort in Ukraine.

“BP will receive this money in a restricted Russian bank account, which is a clear indication of the historical error your company has made – but nevertheless, BP will receive the dividend,” Ostenko wrote.

No accounting mechanisms or data from BP will change this fact. This is blood money pure and simple.”

Advertisement



Ustinko accused BP of “waiting out the storm, and going back to business as usual when the war is over”.

A BP spokesperson denied the accusation, saying the company had “absolutely no intention of going back to ‘business as usual’”.

Throughout the war, Russia resorted to using energy as a weapon against the West, especially Europe, which was dependent on Russia for energy Most of its supplies are oil and natural gas. Despite the sanctions, Russia managed to continue selling energy abroad this year. You win big From the very high oil and gas prices during the first few months of the war.

Russia’s fossil fuel exports earned Russian energy companies 158 billion euros ($166 billion) during the first six months of the war, according to study by the Clean Air and Energy Research Center. The study found that energy revenues have contributed about 43 billion euros ($45 billion) to the Russian federal budget since the start of the war, helping to fund the war in Ukraine.

This story originally appeared on Fortune.com

Advertisement



More Fortune: The American middle class at the end of an era Sam Bankman-Fried’s crypto empire was run by a gang of kids in the Bahamas who all dated each other. The 5 most common mistakes lottery winners make Tired of the new Omicron variant? Be prepared for these symptoms

Source link

Continue Reading

Business

The former US head of FTX is reportedly seeking $6 million in funding to launch Cointelegraph

Avatar

Published

on


Just a month after the controversial fallout Sam Bankman FriedFTX’s FTX stock exchange and 130 affiliates, and a former high-profile CEO is reportedly looking for investors to launch a crypto company.

Former FTX US President Brett Harrison is looking for $6 million in funding to launch a startup that will build cryptocurrency trading software for major investors, depending to the information. Harrison’s funding round will be for $60 million.