The heart of an electric car isn't the motor or the software — it's the 'battery cell,' which eats up roughly 30–40% of the whole vehicle's value. So whoever can make cells cheapest and best controls the entire EV game. And today the answer is startlingly clear: two Chinese companies together hold more than half the world market, while the Korean and Japanese giants are bleeding heavy losses — in the middle of a price war and a glut of capacity.
Unusually Large Business Delegation to Join Xi's US Visit, with BYD and Xiaomi Among Candidates
The US and Chinese governments are finalizing the selection of top Chinese business figures to accompany President Xi Jinping on his visit to the United States, according to three people familiar with the matter. According to the sources, candidates include Chinese electric vehicle giant BYD, smartphone maker Xiaomi, which has also expanded into EVs, battery giants CATL and Gotion High-Tech, home appliance maker Hisense Group, auto parts supplier Wanxiang Group, state-owned Bank of China, and agricultural conglomerate COFCO. Accompanying a large business delegation to the United States would be an unusual move. According to the people, the finalization of the delegation's members will wait for talks this weekend between US Treasury Secretary Bessent and Chinese Vice Premier He Lifeng, with formal invitations to be sent to each company within the next few days, and the US State Department is expected to approve visas for the delegation. CATL and BYD were added to the US Department of Defense's corporate list in January 2025 and June 2026, respectively, over alleged ties to the Chinese military. China's Foreign Ministry, responding to a Reuters question, said it had no information.
Factorial Energy jumps 14.4% on Mitsui Kinzoku solid-state battery deal
Factorial Energy shares jumped 14.4% in Thursday's trading after the company said it will partner with Japan's Mitsui Kinzoku to accelerate the global scale-up of its Solstice all-solid-state battery platform. Mitsui Kinzoku produces sulfide-based solid electrolytes for all-solid-state batteries and is one of few companies worldwide with foundational technology in this space, Factorial said. The Japanese company also produces ultra-thin copper foil and holds an estimated 90% share of the semiconductor market for that foil. Mitsui Kinzoku Senior Executive Officer Kiyotaka Yasuda said the two companies aim to accelerate the realization of next-generation batteries by combining Mitsui Kinzoku's long-established expertise in materials and manufacturing technologies with Factorial's advanced technological capabilities. Factorial Energy shares began trading on Nasdaq in June following the completion of its business combination with Cartesian Growth Corporation III.
European BEV sales rise 54% year-on-year in August, accounting for 30% of new cars
New registrations of battery electric vehicles in Europe rose 54.2% year-on-year in August, accounting for roughly one in three new cars sold and far outpacing forecasts for 2026. According to data from E-Mobility Europe, New Automotive and Fierce Automotive, BEV registrations across 16 major European markets rose to 202,833 units, giving fully electric vehicles a market share of 30.5%. BEV registrations across Europe as a whole have exceeded 1.67 million units since the start of the year, up 33.1% from the same period a year earlier. T&E had forecast a BEV share of 23% in the EU this year, while Rho Motion expected around 21% for Europe as a whole, but BEV registrations in the 16 markets have risen 33.1% year-to-date, exceeding forecasts for the combined plug-in market of BEVs and plug-in hybrid vehicles. By country, France's BEV market share rose to 38.3% in August and Germany's to 32.5%, with fully electric registrations reaching 36,159 units in France and 68,980 units in Germany. Among Europe's most electrified markets, Norway led with a BEV share of 98.7%, followed by Denmark at 85.9%, Finland at 52.3%, the Netherlands at 48.9%, Belgium at 46.2% and Portugal at 36.1%.
China Jushi and Hunan Yuneng Disclose Shareholder Reductions on Same Day; CATL Stake Falls Below 5%
On the evening of September 17, China Jushi and Hunan Yuneng both issued announcements on changes in shareholder equity, with both companies experiencing reductions by significant shareholders. China Jushi disclosed that its second-largest shareholder, Zhenshi Holding Group, reduced its holdings by 28.3264 million shares through centralized competitive trading from September 15 to September 17, 2026, with the equity change reaching the 1% threshold. Its direct holdings decreased from 727 million shares, or 18.16%, to 699 million shares, or 17.46%. Including persons acting in concert Zhang Yuqiang and Zhang Jiankan, the combined shareholding ratio fell from 18.50% to 17.79%. Hunan Yuneng announced that shareholder CATL reduced its holdings by a total of 17.4597 million shares through centralized competitive trading and block trading from June 26 to September 16, 2026, accounting for 2.06% of the company's current total share capital. Its shareholding ratio dropped from 7.09632% to 4.99999%, and it is no longer a shareholder holding more than 5% of the company. CATL stated that this reduction was mainly due to its own capital management needs and normal investment arrangements, and that it would not affect business cooperation between the two parties. The reduction plan has not yet been fully implemented. Both companies stated that this equity change will not lead to changes in their controlling shareholders or actual controllers, nor will it have a significant impact on their corporate governance structures or ongoing operations.
Rio Tinto Signs Winu Copper Gold Mine Agreement With Nyangumarta Warrarn
Rio Tinto Group has signed a co-designed project agreement with the Nyangumarta Warrarn Aboriginal Corporation for the proposed Winu copper gold mine in Western Australia. The miner also entered an Interim Modernised Agreement with the Ngarlawangga Aboriginal Corporation that updates earlier terms for its activities on Ngarlawangga country, tightening its social licence on two fronts and setting clearer processes for co-management of cultural heritage, environmental impacts and mine life planning. Separately, Rio Tinto has begun a joint development partnership with Graphene Manufacturing Group to pursue advanced graphene battery technology for potential commercial use, an effort still at the research and development stage. The next test for that battery work is whether GCELL data and trials at the Battery Innovation Center convert into defined commercial pilots, with a clear marker being Rio Tinto committing to a first targeted use case and timeline for deployment in its own operations or with customers. Rio Tinto Group is a £122.0 billion metals and mining business.
Tisco keeps Buy on CATL01 with 7.65 baht target, 60% upside
Tisco Securities released an analysis on September 16, 2026, maintaining a Buy recommendation for 3750 HK, the stock of Contemporary Amperex Technology Co., Limited, or CATL, with a target price of 810 Hong Kong dollars per share. The depositary receipt referencing that stock and listed in Thailand under the name CATL01 carries a target price of 7.65 baht per share, implying 60.0% upside from 4.78 baht per share. The research team said that although the market is worried about CATL's declining market share, its US sales, and the issue of excess battery capacity, the firm views these factors as an investment opportunity. CATL's market share in August 2026 fell for a fourth consecutive month to 41.5%, down from 49.8% at the start of the year, while rival BYD raised its market share to 21.0%, an increase of 3.6 percentage points since the start of the year. The research team remains unconcerned about the excess capacity issue, even though China's monthly battery capacity in August 2026 stood at 237 GWh, up 69.8% from the same period a year earlier, because domestic Chinese battery demand, covering both the electric vehicle market and energy storage systems, was 223.1 GWh, up 65.9%, and that figure does not yet include demand from overseas markets. The target price valuation is based on a forward P/E assumption of 26.4 times and estimated 2027 earnings per share of 30.63 Hong Kong dollars per share. The 3750 HK stock price is 495.4 Hong Kong dollars, while CATL01 is at 4.78 baht. The research team noted that the prices of the underlying stock and the DR may be affected by exchange rate movements.
China August Industrial Output Beats at 5.2% as Retail Sales Slow to 0.4%
China's industrial output rose 5.2% year-on-year in August, beating expectations for a 4.8% gain and quickening from July's 4.5% increase, while retail sales grew just 0.4%, below the expected 0.8% rise, according to National Bureau of Statistics data released Tuesday. The divergence deepened concerns over economic imbalances, with fixed-asset investment falling 7.2% in the first eight months, the steepest drop since April 2020, and property investment diving 19.9% over the same period. High-tech industry investment expanded 5.2% in January-to-August, with lithium-ion battery output soaring 57.2% and industrial robot output up 34.6% year-on-year. Oxford Economics cut its 2026 growth forecast by 0.1 percentage point to 4.7% and next year's to 4.3% from 4.6%, while ING's Greater China chief economist Lynn Song said GDP growth will likely remain sluggish in the third quarter. The urban surveyed unemployment rate edged up to 5.3% in August from 5.2%, and statistics bureau spokesperson Fu Linghui said sustained efforts are still needed to put the economy on a firmer growth trajectory.
MAHLE unveils range extender and magnet-free MCT motor at IAA TRANSPORTATION 2026
MAHLE has announced it will present sustainable drive solutions at IAA TRANSPORTATION 2026 in Hanover, Germany, from September 15 to 20, 2026, under the theme Electrified. Efficient. Economical. The highlight is a range extender system for electric trucks, an intelligent power generating unit that combines a generator, a combustion engine, thermal management, a fuel tank, an AdBlue tank and exhaust aftertreatment in a single unit. It can be installed directly into existing electric truck platforms. The system delivers 110 kW of continuous electrical power and 130 kW of peak power, can replace roughly one third of existing battery capacity, and cuts total vehicle weight by about 600 kilograms, allowing an electric truck to travel more than 800 kilometers, split between 400 kilometers on battery and 400 kilometers on the range extender. It also reduces carbon dioxide emissions by more than 80 percent, falling to nearly zero when used with the renewable fuel HVO100. In addition, MAHLE is presenting the MCT electric motor, short for MAHLE Contactless Transmitter, for heavy-duty truck drive axles for the first time in the world. It uses no permanent magnets, cutting rare earth usage by up to 3 kilograms per vehicle, delivers a peak output of 370 kW and more than 900 newton meters of torque, and achieves efficiency of up to 95 percent in testing under the VECTO standard, while reducing drivetrain weight by 10 kilograms. Arnd Franz, chairman of the MAHLE management board and chief executive officer, said the market wants electrified solutions that are both cost-effective and practical, and called on governments and policymakers to embrace technological diversity, including battery electric vehicles, hydrogen and renewable fuels. MAHLE currently partners with more than 120 commercial vehicle manufacturers worldwide and aims to grow its commercial vehicle business faster than the market over the next five years.
GM Targets Domestic Battery Supply Chain Within Three Years
General Motors is developing a domestic battery supply chain it expects to complete within two to three years, even as it currently relies on some Chinese-sourced materials for existing battery production. Kurt Kelty, GM's vice president of battery and sustainability, told CNBC the company's near-term goal is full domestic sourcing, centered on sodium-ion battery cells GM is developing with Denver-based startup Peak Energy for stationary energy storage in homes, businesses, and data centers. GM expects commercial production of those cells around 2029, and a GM spokesperson confirmed the same domestic sourcing priority would apply to battery cells for future electric vehicles. Sodium-ion cells are built around sodium from soda ash, which the U.S. holds in abundance, sidestepping the lithium and ferrous sulfate supply chains China currently controls, and Kelty said they handle a broader span of temperatures, removing the need for active thermal management. GM has committed $900 million to new battery research facilities at its suburban Detroit campus, including a cell prototyping building exceeding 500,000 square feet scheduled to open before the end of the year. The comments came as Ford faced criticism from the Trump administration over its battery sourcing, with Transportation Secretary Sean Duffy saying last week he had "profound concern" over Ford's licensing of technology from Chinese battery manufacturer CATL for its Marshall, Michigan plant, while Ford CEO Jim Farley called the charges "basic misunderstandings, mistruths" and the White House posted that Ford is "a GREAT American company."
Solidion Technology Authorizes $1.0 Million Stock Buyback Program
Solidion Technology's Board of Directors has authorized a new stock buyback program of up to $1.0 Million of the company's outstanding common stock. The program took effect on September 13, 2026, and will remain in effect until the full authorized amount is repurchased, March 14, 2028, or the date the Board terminates the authorization. The Dallas-based advanced battery technology provider said the authorization reflects the Board's confidence in its long-term strategy and gives it added flexibility in capital allocation, with open-market repurchases expected to comply with federal securities laws and Nasdaq requirements. Chief Executive Officer Jaymes Winters said the program reflects confidence in Solidion's long-term prospects and a commitment to disciplined capital allocation, adding that the company's technology, intellectual property and strategic position provide a strong foundation for future growth. Solidion holds a portfolio of over 385 patents covering technologies such as high-capacity, silane gas free and graphene-enabled silicon anodes, biomass-based graphite, and advanced lithium-sulfur and lithium-metal technologies.
Tesla Reclaims 52% of U.S. EV Market as Rivals Retreat
Tesla has reclaimed more than half of the U.S. electric-vehicle market, capturing 52% of U.S. EV sales through August, up from 43% a year earlier, according to The Wall Street Journal, citing data from Motor Intelligence. The gain reflects Tesla's relative resilience rather than a return to growth: its domestic sales fell 16% to 325,351 vehicles while the overall EV market contracted 30%. Tesla's market share had fallen to a record-low 41% in 2025 as competitors introduced more electric models and Chief Executive Elon Musk's political activities alienated some buyers, and its recovery has coincided with Ford, General Motors and other automakers reducing production or discontinuing EVs after federal incentives expired. The Honda Prologue, Volkswagen ID.4 and Ford F-150 Lightning are among the models being eliminated or phased out, while GM reduced production plans for the revived Chevrolet Bolt and Nissan delayed the least-expensive version of its new Leaf. The Model Y remains Tesla's main defense against the downturn, with sales declining only 2% this year and the SUV accounting for roughly one-third of all U.S. EV purchases, while Model 3 sales dropped 34% and Tesla sold only 9,769 Cybertrucks. Analysts expect Tesla to retain its dominant U.S. position while established automakers remain cautious about EV investment.
Geely's Galaxy TT EV launches in China at about $19,170
Geely Auto's Galaxy brand launched the Galaxy TT electric sedan in China on Sept. 10 at a limited-time starting price of 129,900 yuan, or roughly $19,170, according to CnEVPost. The entry version carries a 63.8-kWh lithium iron phosphate pack from CATL and delivers 640 km of range on the China Light-Duty Vehicle Test Cycle, with every trim in the lineup shipping an 800-volt architecture and 6C fast charging that moves the battery from 10% to 80% in about 11.8 minutes. The launch price landed 16,000 yuan below the August pre-sale figure, and the entry trim gained 100 km of range, while rear-drive models produce 245 kW, or 329 horsepower, and reach 100 km/h in 6.5 seconds. The sedan will not reach U.S. buyers: a China-built car faces a 2.5% base duty, the 100% Section 301 tariff imposed in 2024 and the 25% Section 232 tariff applied in 2025, landing a $19,170 sedan closer to $43,600 at the port, and the Commerce Department's Connected Vehicle Rule blocks cars with meaningful Chinese ownership or software ties starting with the 2027 model year. Geely-controlled Polestar said the Commerce Department declined its authorization covering new model variants from the 2027 model year onwards, while Volvo Cars, also controlled by Geely, was cleared in May after reworking how its vehicle data is governed and routed. Geely's exports rose 205% year over year in August to 110,094 vehicles, roughly 41% of total sales, while domestic volume fell about 25%, according to CnEVPost.
EnerSys reported first-quarter fiscal 2027 adjusted earnings of $3.66 per share on Aug. 12, beating the Zacks Consensus Estimate of $2.82 by 29.8%, while net sales of $936 million topped the consensus estimate of $923 million by 1.4% and rose 4.8% year over year. The bottom line increased 64.1% year over year, aided by margin expansion, IRC 45X benefits and a $30.9 million tariff refund, as gross margin expanded 510 basis points to 33.5%. Within the sales mix, Network & Infrastructure Solutions sales rose 9.4% year over year to $428.3 million and Precision Power Solutions sales surged 23.6% to $100.5 million, while Industrial Mobility Solutions sales fell 3.2% to $406.8 million on soft material-handling demand. For the second quarter of fiscal 2027, the company expects net sales of $955-$995 million, representing 2% year-over-year growth at the midpoint, and adjusted earnings of $3.15-$3.25 per share, with adjusted earnings excluding 45X benefits at $1.95-$2.05. The board also raised the quarterly dividend 10% to 28.75 cents per share for the second quarter of fiscal 2027, and the company secured a revised roughly $150 million Department of Energy grant for its planned U.S. lithium cell manufacturing campus.
Global EV sales rise for a sixth straight month in August, driven by Europe as China and North America decline
Benchmark Mineral Intelligence, a UK research firm, said on September 11 that global electric vehicle sales rose for a sixth consecutive month in August, with Europe the main market driving growth, while sales in China and North America fell. Global sales of battery electric and plug-in hybrid vehicles rose 2% year on year to 1.83 million units, bringing cumulative sales since the start of the year to 13.4 million units. In Europe, EV sales rose 36% to 380,000 units, lifting year-to-date sales by 29%, supported by European subsidy measures. In contrast, EV sales in China fell 11% to 1.03 million units, hit by a high year-earlier base, while the North American market dropped 33% to 140,000 units, which Benchmark Mineral Intelligence said reflected a rush by US consumers to buy EVs last year before federal tax credits expired in September 2025. Sales in markets other than China, Europe and North America jumped 97% to 290,000 units. Chinese automakers are increasingly relying on exports to drive growth.
China sets smart EV roadmap, targets widespread autonomous driving by 2030
China's Ministry of Industry and Information Technology unveiled a plan for the intelligent electric vehicle industry on Thursday, September 10, aiming for widespread use of autonomous driving vehicles by 2030. Under the plan, China will accelerate the deployment of autonomous driving technology on highways, urban expressways and some city roads, with the goal that autonomous vehicles meet higher safety standards than human driving. The ministry said the Chinese government aims to elevate the automotive industry into one of the pillars of the economy, develop several Chinese automakers into the world's top 10 by sales, increase global acceptance of Chinese car brands, and expand China's role in setting international automotive standards. At the same time, China will tighten regulations on vehicle production, road safety, autonomous driving systems and software updates, and will consider special-case approval processes for key components and vehicles produced in small volumes. The ministry added that China will strengthen oversight of vehicle and battery production capacity, curb excessive investment, promote industry consolidation and eliminate inefficient capacity, as well as step up antitrust enforcement, improve product quality supervision, promote fair competition and rein in inappropriate incentives from local governments. For overseas expansion, the ministry will draw up guidelines for Chinese automakers to comply with the regulations of other countries, and will promote cooperation between Chinese and foreign companies in research and development of vehicles and key components, investment, and global market expansion.
Graphene Manufacturing Group Battery Cells Reach 489 Cycles
Graphene Manufacturing Group Ltd's graphene aluminium-ion battery cells completed 489 charge cycles with six-minute charging and discharging and no measurable loss of performance, managing director and CEO Craig Nicol told Proactive. Nicol said the company worked five years for this technology to get here, calling the result a significant milestone, with GMG having developed its own cathode and focused the technology on very fast charging. GMG is now optimising the cells ahead of the next phase, with a reduced electrolyte expected to help move the company towards its target of around 50 Wh/kg at a 10C charge rate, alongside testing different charging algorithms, with the goal of sending samples to customers shortly. Nicol also discussed expanding commercial activities across Asia Pacific, including India, Korea, Japan, Singapore and Australia, highlighting particularly strong demand in India while conversations progress across all markets. The interview also covered the start-up of Gen 2.0 graphene production, which has enabled GMG to begin planning a factory of factories model of 20-tonne graphene production facilities built and commissioned in Brisbane before potentially relocating closer to customers, with Canada and the US identified as possible locations.
Solid Power Posts $23.8 Million Quarterly Loss Against $419.3 Million Liquidity
Solid Power reported a second quarter net loss of $23.8 million, or $0.11 per share, on August 4 while holding $419.3 million in total liquidity as of June 30, up from $336.5 million at the end of 2025. The solid-state battery developer recorded negative revenue and grant income of $0.3 million for the quarter, driven by a $1.2 million reversal tied to a cumulative catch-up adjustment after it changed assumptions on certain milestone payments, and first-half revenue and grant income totaled just $2.8 million. Operating expenses reached $30.0 million, up from $29.4 million in the first quarter, pushing the operating loss to $30.3 million, while capital expenditure added $6.3 million, mostly for the continuous electrolyte production pilot line. Under its Joint Evaluation Agreement with Samsung SDI and BMW, the company reported improved electrolyte performance and advanced talks with unnamed industry partners about a joint venture for commercial-scale electrolyte production in South Korea, and it completed the Line Installation Agreement with SK On and collected the associated milestone payment. Hedge fund ownership slipped to 22 funds from 24, and short interest stood at 11.89% of the float, even as the company carries no debt on its balance sheet.
FTI backs restructuring of automotive excise tax after EV board approves principle
The Federation of Thai Industries (FTI) has come out in support of the principle of restructuring the automotive excise tax, after the National Electric Vehicle Policy Committee, or EV board, approved the principle at a joint meeting with the government sector on 10 September, assigning the Excise Department to work out the details for submission to the Cabinet. Pimjai Leeswadnukul, president of the FTI, said the EV board meeting considered the principle of restructuring the automotive excise tax in order to use tax measures to drive real investment and domestic production, promote the use of local parts and raw materials, create fair competition, and push Thailand to become a global automotive production and export base. Data presented at the meeting showed that in the first seven months of 2026, BEV registrations totaled 126,950 units, up 88%, and xEV vehicles together accounted for 55% of all vehicle registrations. Meanwhile, the Board of Investment (BOI) has promoted investment in the electric vehicle industry and related businesses across 189 projects worth 151.372 billion baht, including plans to install 23,135 charging outlets and additional investment plans by domestic manufacturers totaling more than 50 billion baht. Pimjai said Thailand's automotive and parts industry across the entire supply chain generates more than 10% of GDP, involves more than 2,500 companies, and is linked to more than 800,000 jobs. Therefore, measures must be set to deliver concrete benefits that extend to parts makers, supporting industries, and SMEs. She added that the FTI is ready to act as an intermediary between the government, car manufacturers, parts makers, and related associations to gather information and proposals from the industrial sector so that measures can be formulated appropriately, clearly, and in a way that can actually be implemented.
EV Board Approves Three-Tier Electric Vehicle Tax Adjustment to Boost Local Parts Use
The EV Board has approved a plan to restructure excise taxes on electric vehicles into three tiers, aimed at encouraging manufacturers to invest more and use more locally produced parts. Vehicles made in Thailand with high local content will receive the lowest tax rate, while imported vehicles from operators without a production base in Thailand will be taxed at the highest rate. A subcommittee will also be set up to accelerate development of the battery supply chain, used batteries, and EV charging infrastructure. The research arm of Kasikorn Bank sees this as positive for auto parts stocks and industrial estate operators that stand to benefit from production relocation and increased local content, while importers of fully assembled EVs may face pressure from the new tax structure.
Geely Launches TT Electric Sports Sedan With 800V Charging and Standard LiDAR
Geely Auto Group announced the launch of the Geely TT under the Geely Auto brand in China, expanding its lineup with an electric sports sedan featuring 800V fast charging, standard LiDAR and an AI-powered cockpit. Alongside the standard trim, Geely launched the limited-edition TT Ultra, which delivers a combined maximum power of 425 kW and accelerates from 0 to 100 km/h in 3.8 seconds, with a chassis tuned by Lotus and a Handling by Lotus badge on each vehicle. Across the range, an 800V electrical architecture is paired with a CATL Shenxing TT battery supporting up to 6C fast charging, adding nearly 500 kilometers of driving range in 11 minutes. Built on Geely's GEA EVO electric architecture, the standard TT features rear-wheel drive, double-wishbone front suspension and five-link rear suspension, and it set a Guinness World Record with a continuous wet-road drift of more than 46 kilometers. All models come with LiDAR and the G-ASD advanced driver assistance system, while the Super Eva AI cockpit assistant supports multilingual interaction; at nearly five meters long with a 2,920 mm wheelbase, the TT offers a flat rear floor and a 23-speaker Flyme Sound system.
Ford Rejects Sean Duffy's China Ties Warning as 'Wrongheaded Attempt to Capture Headlines'
Ford Motor Co pushed back on Tuesday against Transportation Secretary Sean Duffy, who warned in a letter to CEO Jim Farley that the automaker's battery and vehicle-related arrangements with China-linked companies including CATL, Geely Automobile Holdings Ltd. and BYD Co. Ltd. could create U.S. security risks. Duffy said the department had "profound concern" about the arrangements and was "deeply alarmed" by Ford's plan to use licensed CATL technology at its Marshall, Michigan battery project, citing CATL's placement on a Pentagon list tied to alleged links with China's military. The letter also faulted Ford's timeline for shifting Lincoln Nautilus production out of China, arguing the current schedule would keep the company tied to Chinese manufacturing for years. Ford responded in a statement calling Duffy's letter "a wrongheaded attempt to capture headlines," saying "While others continue to import Chinese batteries, Ford is investing to build batteries here in America," and adding that "Ford owns the plant, controls the operation and employs the workforce." Ford also said the letter contained factual errors, stating "Ford has not proposed a joint-venture framework as described in the letter," after Farley had reportedly discussed forming joint ventures in February that would allow Chinese automakers to enter the U.S.
Jiuliang Shares Plans Cash Acquisition of at Least 51% Stake in Haidi New Energy, Expected to Constitute Major Asset Restructuring
Jiuliang Shares announced on the evening of September 10 that it plans to acquire no less than 51% of the equity in Shandong Haidi New Energy Technology Co., Ltd. by paying cash, and the deal is expected to constitute a major asset restructuring. On the same day, Jiuliang Shares signed a Letter of Intent for Equity Investment with Haidi New Energy, its controlling shareholder Tianke New Energy Co., Ltd., and actual controller Zong Zhe, intending to obtain control of Haidi New Energy, with the final transaction price not exceeding 275.4 million yuan. Tianyancha shows that Tianke New Energy holds 70.7143% of Haidi New Energy, while Shandong Wangchao Coal and Electricity Group Co., Ltd. and Lu Jielan hold 21.4286% and 7.8571% respectively. The agreement stipulates that Tianke New Energy and Zong Zhe must complete the acquisition of all remaining equity held by other shareholders of Haidi New Energy before formally signing the transaction agreement; otherwise, Jiuliang Shares has the right to reduce the acquisition ratio, require corresponding guarantees, or terminate the transaction without bearing liability for breach of contract. Jiuliang Shares said that after the transaction is completed, Haidi New Energy will become its controlling subsidiary, helping the company enter emerging niche sectors such as industrial and commercial energy storage. Haidi New Energy mainly engages in lithium battery power battery systems and energy storage systems, and has been rated as a national-level specialized and sophisticated 'little giant' enterprise. Tianke New Energy and Zong Zhe promised that from 2026 to 2028, Haidi New Energy's cumulative net profit attributable to the parent company will be no less than 170 million yuan, based on net profit after deducting non-recurring gains and losses.
Ford Rejects Transportation Secretary's Criticism of Chinese Partnerships
Ford has fired back at the Trump administration after Transportation Secretary Sean Duffy expressed profound concern over the automaker's use of Chinese partners, calling the letter wrong-headed. The dispute centers on Ford's Michigan battery plant, which will license battery technology from Chinese company CATL, as well as a joint venture in Spain with Geely and the delayed return of Lincoln Nautilus production to the U.S. Ford's head of communications, Mark Truby, called the letter a head-scratcher, noting that the plant will be staffed by Ford employees and that the company is simply licensing technology. The exchange is surprising given the previously friendly relationship between CEO Jim Farley and President Trump, and analysts suggest it may be political theater unless it escalates into a broader conflict affecting government contracts and approvals.
US Battery Grants Won't Break China's Grip, Experts Warn
A CNBC segment highlighted that the Department of Energy's $500 million in grants to seven US battery companies is insufficient to challenge China's dominance, with experts saying catching up will take decades and hundreds of billions of dollars. Albemarle, the largest US lithium producer, trades at $129.57, up 60% over the past year but down 7.94% year to date. China controls 85% of cathode and over 90% of anode production, plus 80% of battery cells and 70% of EVs, while $24 billion in US battery projects were canceled between January 2025 and August 2026 due to policy whiplash. Albemarle's CEO Kent Masters noted stationary storage demand is "off the charts," with global lithium consumption up 45% year-over-year through May, but US EV sales fell 36% after purchase credits expired. The company beat Q2 estimates with adjusted EPS of $3.75 on $1.74 billion revenue, and analysts are 59% bullish with an average target of $172.56.
Bolloré Plans to End Bluebus E-Bus Production, Refocus Blue Solutions
Bolloré SE has announced plans to permanently discontinue production of its electric buses at Bluebus and to refocus Blue Solutions' strategy for its fourth-generation solid-state batteries. The company has initiated an information and consultation process with employee representatives regarding an Employment Protection Plan that could affect 74 positions at Bluebus over three years, with a leaner organization remaining to honor after-sales commitments. Separately, a European industrial player is considering acquiring Bluebus's research and development activities, which would transfer 17 employment contracts and reduce job cuts. At Blue Solutions, a similar process could affect 41 positions as the company seeks to streamline its organization and advance its Gen4 technology to industrial scale alongside a strategic investor. The projects reflect challenges in the French and European markets, including slower-than-expected growth and intense competition.
GM and Ford Pivot EV Battery Capacity to Energy Storage
GM and Ford are turning their underutilized electric vehicle battery capacity into a new energy storage business to meet soaring demand from data centers and the electric grid. Ford, which took a $19.5 billion write-down on its EV expansion, launched a battery energy storage systems (BESS) business at the end of 2025, repurposing manufacturing capacity in Glendale, Kentucky, and planning to invest roughly $2 billion over the next two years. Ford Energy, a wholly-owned subsidiary, aims to deploy at least 20 GWh of battery storage annually by late 2027 and has a five-year framework agreement with EDF power solutions North America for up to 4 GWh per year. GM, which recorded cumulative charges of $10.9 billion, has also launched an energy storage business and is partnering with Peak Energy on sodium-ion chemistry for grid-scale storage. The U.S. installed a record 20.2 GWh of energy storage in the second quarter of 2026, with utility-scale capacity growing at an annual average rate of 70% over the past three years.
LG Energy Solution and Seoul National University Advance LMR Battery Commercialization
LG Energy Solution and Seoul National University have secured a key technology to improve the stability of next-generation lithium manganese-rich (LMR) batteries, paving the way for their use in large-format electric vehicle cells. The joint research team, led by Professor Jongwoo Lim, identified factors causing gas evolution and capacity degradation, and developed optimal operating conditions that suppress gas generation. By lowering the upper charging voltage from 4.6 V to 4.3 V, oxygen reduction increased from 86 percent to 97 percent, and lowering the discharge cutoff voltage to 2.0 V enabled near-complete oxygen recovery. Applied to 40 Ah-class cells, the technology retained 92.2 percent of initial energy after 883 cycles, demonstrating feasibility for commercial large-format applications. The findings were published in Nature Communications.
Sunwoda EV Battery Unit Valued at Over 30 Billion Yuan as Li Auto Invests 2.65 Billion to Become Second-Largest Shareholder
On September 4, Sunwoda announced that its power battery subsidiary Sunwoda EV Battery completed a strategic financing round, with Li Auto investing 2.65 billion yuan for an 8.79% stake. Combined with its existing holdings, Li Auto's total shareholding reached 11.17%, making it the second-largest shareholder. After the financing, Sunwoda EV Battery's post-money valuation reached 30.145 billion yuan, while the parent company's stake was diluted from 26.38% to 24.06%, remaining the largest shareholder. On the same day, Xiaomi Auto announced a deep strategic partnership with Sunwoda, with its Pengcheng series models to be equipped with Sunwoda batteries on a large scale. Despite the backing of two major automakers, Sunwoda EV Battery still faces risks including profitability losses, quality control disputes, cooperation uncertainties, and equity dilution. Market reaction was muted, with the share price edging lower.
Barclays forecasts $3.6 trillion annual energy investment by 2027
Barclays analysts project that the global energy sector will require about $3.6 trillion in annual investment by 2027, driven by artificial intelligence, electrification, and energy-security concerns. This spending, spanning oil and gas, LNG, pipelines, power generation, grids, renewables, storage, and electrification, is expected to grow by more than 5% annually and exceed three times the capital needed for planned AI infrastructure. The bank describes an era of "energy addition," where demand for conventional and low-carbon energy rises simultaneously, with global energy demand growing at a 1.9% compound annual rate from 2025 to 2050. Data centers alone could add about 32 quadrillion BTUs of energy demand by 2040, equivalent to over 600 gigawatts and roughly matching Russia's 2025 consumption. Underinvestment has left upstream oil and gas capex about 45% below its peak, and over 2,500 GW of renewable and storage projects await grid connections, making grids and transmission networks major constraints. Barclays sees opportunities across upstream, oil services, LNG, pipelines, utilities, and clean tech, with 2028 earnings estimates for preferred stocks averaging 11% above consensus and price targets implying about 30% upside.
EA Unveils 4-Year Plan Targeting Waste, EV, and Bio; E-Bus Production to Start in September
Energy Absolute Public Company Limited (EA) has announced its growth plan for 2026-2029, focusing on expanding its comprehensive clean energy ecosystem. The company is preparing to begin mass production of electric buses in September 2026 to fulfill its contract with the Bangkok Mass Transit Authority (BMTA). Revenue from this project is expected to be recognized mostly in the second quarter of 2027. This year, the company is set to achieve COD for its waste-to-energy plant on Koh Larn, and in 2027, the Phuket waste-to-energy plant with a capacity of 8 megawatts is targeted for COD in the second quarter. Additionally, EA will start delivering 1,520 E-Buses to the BMTA in the second quarter. The Maha Sarakham and Khon Kaen wind power projects are targeted for COD in 2028 and 2029, respectively, to replace existing capacity that will gradually expire. Meanwhile, the company has shifted its biodiesel business to an OEM (original equipment manufacturer) model to reduce exposure to raw material price volatility, and is focusing on the Energy Storage System (ESS) market for its battery business. EA expects a boost from the EV business in the second half of the year, with revenue from new projects becoming significant from 2027 onwards.
PG&E Teams with Tesla, Google on Virtual Power Plant
PG&E Corp. has partnered with Tesla, Google, Sunrun, and Carrier to launch a virtual power plant experiment in the Bay Area, aiming to connect over 20,000 smart home devices as a flexible grid resource. The initiative will coordinate batteries, heat pumps, and other linked appliances to shift energy use away from peak times, potentially reducing reliance on traditional power stations. PG&E will manage planning and validation, while Carrier will deploy battery-enabled heat pumps that automatically store and shift energy. The program could help participating homes save money and improve grid reliability, according to Sunrun. For investors, the project highlights the growing value of distributed energy as utilities seek capacity without costly new infrastructure. The key test is whether PG&E can prove the concept works well enough to expand beyond the initial rollout.
ProLogium Starts Mass Production of All-Solid-State Battery
ProLogium Technology has begun mass production of its Gen 3.5 Lithium Ceramic Battery at its Giga-level facility in Taiwan, marking a move beyond pilot scale for high-energy-density all-solid-state batteries. A TÜV test confirmed the 185.4 Ah cell achieves 381 Wh/kg gravimetric and 903 Wh/L volumetric energy density, while UL Solutions testing under China's GB/T 43568-2026 standard classified it as all-solid-state after weight loss of less than 0.05% under vacuum at 120°C. The company has shipped over 2.4 million cells since 2013, with more than 175 repeat orders from a U.S. automotive audio-system supplier for vehicles of a top-three Japanese automaker in North America, totaling over 900,000 cells. ProLogium's platform strategy allows Gen 4, featuring a fully inorganic electrolyte, to require only about 10% modification of existing production lines, and the company plans global expansion with Taiwan, France, and North America.
NIO reported second-quarter vehicle deliveries of 107,658, up 49.4% year over year, with revenue rising 69.1% to RMB32.1 billion and adjusted net profit reaching RMB26.1 million. The company forecast third-quarter deliveries of 108,000 to 111,000 vehicles and targets monthly deliveries above 40,000 in the fourth quarter. However, management expects higher costs for batteries, memory chips, and other materials to add RMB2,000 to RMB3,000 per vehicle in the second half. NIO plans to maintain investment in product development and its battery-swapping network, including 1,000 new swap stations this year, while targeting positive operating and free cash flow in the second half. The company ended the quarter with RMB56.7 billion in cash and related investments.
Range Technology to invest 1 billion yuan in frontier tech fund; Bestechnic plans buyback of 50 million to 100 million yuan
Range Technology plans to contribute 1 billion yuan of its own funds to invest in Xiamen Shidai Shenyuan Venture Capital Fund Partnership, a limited partnership. The fund has a total committed size of 4.90001 billion yuan, with Range Technology holding a 20.4081 percent stake. The fund will focus on frontier technology areas such as artificial intelligence and embodied intelligence. Bestechnic plans to repurchase shares worth 50 million to 100 million yuan, at a price not exceeding 150 yuan per share, for employee stock ownership plans or equity incentives. CATL's wholly owned subsidiary Ningbo Wending plans to participate as a limited partner in Xiamen Shidai Yiyuan Venture Capital Fund Partnership, with a committed contribution of 1.12 billion yuan and a 19.4175 percent stake in the fund. The company's controlling shareholder Xiamen Ruiting will also participate in the fund as a limited partner, making this investment a related-party co-investment. Hangcha Group plans to issue convertible bonds to raise no more than 2.259 billion yuan, with a term of six years, for a forklift robot smart factory project, a new energy forklift expansion project, a forklift robot and logistics robot research and development project, and to supplement working capital. Weikang Pharmaceutical has received an approval notice from the National Medical Products Administration for a supplementary application for clinical trials of its Huangjia Ruangan Granules, agreeing to conduct a Phase III clinical trial for liver fibrosis caused by chronic hepatitis B virus infection.
Chinese Car Brands Rise on Full-Chain Innovation and New Production Models
Chinese car brands have surged to a 77.4 percent domestic market share in July 2026, up from 40.3 percent in 2023, driven by full-chain innovation and new production models. The rise is powered by systemic innovation across the NEV industry, with Chinese companies leading in key components like batteries, motors, and electronic controls, as well as in software and AI. Super factories, such as Seres' Chongqing plant with over 3,000 robots, enable rapid production, with AITO reaching one million vehicles in 46 months. The industry benefits from a complete supply chain, exemplified by the Yangtze River Delta's four-hour industrial circle, and a vibrant ecosystem integrating innovation, industry, capital, and talent chains.
Government Overhauls Auto Tax Structure, Aims to Make Thailand Regional EV Hub
The government is accelerating a comprehensive overhaul of the excise tax structure for automobiles, covering electric vehicles, hybrids, and internal combustion engines. A spokesperson for the Prime Minister's Office revealed that the Deputy Prime Minister and Minister of Finance has assigned the Excise Department to review tax rates and related criteria to ensure fair competition and support manufacturers that invest and produce domestically. The Ministry of Finance has set three key goals: promoting imports for investment, boosting production for export to become the region's EV manufacturing hub, and upgrading local parts to high-value components. This restructuring is not limited to simply raising or lowering tax rates but will shape the future direction of Thailand's automotive industry amid the growing EV market and free trade agreements that grant imported cars customs duty benefits.
PwC: New M&A Wave Ahead, Driven by AI, EV, and China+1
PwC Thailand expects Thailand's industrial transformation to be a key driver of a new wave of M&A, despite a slowdown in the mid-year deal market. The report 'Global M&A Trends in Industrials and Services: 2026 Mid-Year Outlook' indicates that the value of deals in the global industrials and services sector in 2026 will be approximately $496 billion, or around 16.28 trillion baht, while the number of deals is expected to decline by 7% from the previous year, reflecting a market with 'fewer but larger deals.' Steve Yang, Head of Automotive Client Group at PwC Thailand, said that AI is beginning to play a role in investment decisions, particularly in FDI in advanced manufacturing and digital infrastructure. Meanwhile, the China+1 strategy remains a key driver, as Chinese manufacturers seek to diversify their production bases overseas, and the transition to EVs is creating new opportunities across the value chain, from batteries to components. Chinese EV manufacturers and suppliers are likely to look for local partners to accelerate business expansion.
Government reports first-half actual investment of 535.8 billion baht, up 27%
The government has revealed that in the first half of 2026, actual investment exceeded 535.8 billion baht, an increase of 27% from the same period last year. Notably, in the second quarter, investment exceeded 250 billion baht. This investment has created over 630,000 jobs for Thai people, with more than 60% in advanced electronics, automotive, digital, automation, and robotics industries. Of this, investment in AI-related and advanced electronics businesses exceeded 127 billion baht, covering optical signal transmission equipment, electronic circuit boards, high-capacity hard disk drives, AI servers, and digital infrastructure. Deputy government spokesperson Ms. Lalida Periswattana said the goal is not just to increase investment value but to create jobs, income, and opportunities for Thai entrepreneurs to enter the supply chain. The Board of Investment (BOI) will promote Thai entrepreneurs into the supply chains of semiconductors, smart electronics, AI, and future vehicles, while incorporating industry proposals to improve investment promotion measures.
Dr. Ekniti Moves Forward with Clean Energy Projects After 400 Billion Baht Loan Decree Passes Parliament
Dr. Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, revealed that after the emergency decree authorizing a 400 billion baht loan was approved by Parliament and became law, the government has immediately begun moving forward with the clean energy transition projects. The solar panel installation support program is the most ready, and it is expected to be clarified by September 2026. Under the 200 billion baht budget, relevant agencies will be invited to submit proposals, which will undergo a rigorous screening process. The framework is divided into three main categories: promoting solar energy, developing the Smart Grid transmission system, and transitioning to clean energy in transportation. Additionally, importance is given to education, with discussions held with Mr. Yosnan Wongsawat, Deputy Prime Minister and Minister of Higher Education, Science, Research and Innovation, on ways to improve the Thai education system. A meeting on data centers and the restructuring of vehicle taxes will be held next week.
Lead Intelligent Equipment's first-half net profit attributable to parent reaches 956 million yuan, up 29.2% year on year
Lead Intelligent Equipment released its 2026 half-year report, showing first-half net profit attributable to the parent of 956 million yuan, up 29.2% year on year. Operating revenue was 8.19 billion yuan, up 23.9% year on year. Net profit attributable to the parent after deducting non-recurring items was 926 million yuan, up 26.4% year on year. Net operating cash flow was 4.085 billion yuan, up 73.6% year on year. Earnings per share were 0.571 yuan. In the second quarter, operating revenue was 4.5 billion yuan, up 28.1% year on year, and net profit attributable to the parent was 551 million yuan, up 46.8% year on year. As of the end of the second quarter, total assets were 49.83 billion yuan, up 27.5% from the end of the previous year, and net assets attributable to the parent were 17.989 billion yuan, up 36.9% from the end of the previous year. The company's main business is the research, development, production and sales of high-end non-standard intelligent equipment, focusing on the new energy and high-end equipment sectors. During the reporting period, revenue from lithium battery intelligent equipment grew 34.66% year on year, while intelligent logistics systems and parts and services grew 172.14% and 56.66% year on year respectively.