Electric Vehicles
China Battery Makers Face Overcapacity, Weaker Demand, BNEF Says
- Cell prices to remain low through 2024, BNEF report says
- Energy storage sector offers some relief to industry
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China battery makers face another tough year, challenged by overcapacity, weakening demand and falling prices, according to BloombergNEF.
With the top two producers, Contemporary Amperex Technology Co Ltd. and BYD Co., accounting for more than 50% of the market, smaller rivals are at higher risk of having their plants downsized, delayed or even canceled, given low utilization rates across the supply chain, BNEF said in the report published Tuesday.