It is the world’s biggest battery maker, it powers electric vehicles for Tesla, Volkswagen and BMW, and its EV technology is miles ahead of US offerings, say experts
The world’s two superpowers are so intricately linked that it’s hard to think of a pillar of the economy that hasn’t been strained by tensions between the US and China.
And the next frontline in the economic conflict may be the most fundamental yet: a fight for power itself.
A Chinese company that most people have never heard of is at the heart of the global race to store the clean energy needed to power the green transition in the US and the rest of the world.
China’s Contemporary Amperex Technology Co Limited, or CATL, is an energy storage specialist that is the world’s largest battery maker for electric vehicles (EVs). But despite the fact that the company controls nearly two-fifths of the world’s EV battery market – and has powered cars made by brands including Tesla, Volkswagen and BMW – it has long flown under the radar of US politics. Until now.
In February, Duke Energy, a US energy company that serves more than 8 million customers, said it was phasing out the use of CATL batteries. Duke said it would replace the CATL products with technology from a “domestic or allied nation supplier”.
This is the best summary I could come up with:
A Chinese company that most people have never heard of is at the heart of the global race to store the clean energy needed to power the green transition in the US and the rest of the world.
But despite the fact that the company controls nearly two-fifths of the world’s EV battery market – and has powered cars made by brands including Tesla, Volkswagen and BMW – it has long flown under the radar of US politics.
A deal between the two companies to build a factory in Michigan to produce low-cost lithium iron phosphate batteries for EVs using CATL technology has repeatedly been questioned by US lawmakers.
Last week, energy secretary Jennifer Granholm told a discussion panel: “We are very concerned about China bigfooting our industry in the United States even as we’re building up now this incredible backbone of manufacturing.”
But Granholm also acknowledged that “we need to understand that it is important for people to buy electric vehicles in an affordable fashion,” something that experts say is impossible in the current market without Chinese batteries.
Research recently published by Rhodium Group concluded that “Chinese EV and battery companies are increasingly stuck between a rock and a hard place” as they try to navigate their rising unpopularity in the US while Beijing pushes them to internationalise.
The original article contains 899 words, the summary contains 219 words. Saved 76%. I’m a bot and I’m open source!