The lithium-ion cell is the most expensive part of an electric car, and today only a handful of companies can build it at a scale cheap enough to compete. This lesson walks through how a single “cell” is made, why just two chemistries (LFP and NMC) decide who gets rich and who goes bust, and why — in a market so flooded with overcapacity that prices are crashing — CATL alone still earns tens of billions of dollars a year while the Korean giants bleed deep losses.
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Incumbent Li-ion Cell Makers
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.
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.
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.
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."
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.
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.
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.
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.
US Government Criticizes Ford for Partnering with China, Citing Security Concerns
The US government has criticized Ford Motor Company for its business partnership with a Chinese company, stating that such an alliance poses risks to national security and urging Ford to sever ties with a major Chinese firm. US Transportation Secretary Sean Duffy sent a letter to Ford CEO Jim Farley expressing concerns over Ford's reliance on technology licensing from CATL, which the US Department of Defense has blacklisted for its ties to the Chinese military. Duffy also criticized Ford for not moving production of its Lincoln Nautilus model from China back to the US until 2030. Ford responded with a statement calling the letter baseless accusations and reiterating that Ford is investing in its own battery plant in the US and maintains full control over its operations. This comes as President Trump prepares to meet with President Xi Jinping and as Congress pushes for measures to ban Chinese cars. The American Automotive Trade Association has filed a petition calling for a permanent ban on imports of smart vehicles and related software from China.
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.
Ford to Bring Lincoln Production Home as GM Exits Battery Venture
Ford Motor Company announced on August 12, 2026 that it will increase US production of its Lincoln vehicles starting in 2030 and phase out imports from China entirely, a move the company said will generate thousands of direct and indirect US jobs. Days earlier, Samsung SDI acquired General Motors' 49.99% stake in SynergyCells, ending a $3.5 billion US battery joint venture between the two companies. Ford CEO Jim Farley called Lincoln a quintessentially American brand and said the company builds in America because it believes in America, noting Ford assembled more than 2 million vehicles domestically in 2025, more than any other automaker. Ford reported roughly $3 billion in gross tariff costs in 2025, with about a $2 billion hit to earnings even after offsets, while General Motors expects gross tariff costs of $2.5 billion to $3.5 billion this year alone, a burden that could eat more than 20% of its operating profit. Samsung SDI said it will keep working with General Motors on next-generation prismatic battery technology and plans to repurpose the partially built Indiana plant, originally designed for 27 gigawatt-hours of annual EV battery output, to serve the fast-growing energy storage systems market instead.
South Korea's LG Energy Solution Shifts Focus from EV Batteries to Energy Storage Systems
South Korean battery giant LG Energy Solution is shifting its focus from electric vehicle batteries to energy storage batteries. Robert Lee, president of the company's North America division, announced that five of its eight plants in North America will be producing batteries for energy storage systems by the end of this year. Demand for large-scale batteries for power storage is surging amid a construction boom for artificial intelligence data centers, and Lee said this is a growth area he had not anticipated. The plant in Lansing, Michigan, produces batteries for utilities and also plans to manufacture batteries for Tesla.
LG Energy Solution Starts Production at 35-GWh Michigan Battery Plant
LG Energy Solution has started production at its new battery manufacturing facility in Lansing, Michigan, as the South Korean company expands its North American supply base for both energy storage systems and electric vehicles. The 226-acre plant is designed to reach more than 35 gigawatt-hours of annual battery production capacity at full scale, with the company investing more than $2 billion in the facility since 2022 and expecting employment to rise from about 900 workers currently to 1,700 at full production. The Lansing plant will manufacture lithium iron phosphate cells for energy storage applications as well as higher-energy-density nickel-manganese-cobalt cells for electric vehicles, with the LFP cells integrated into utility-scale and commercial storage systems by LG Energy Solution Vertech and Michigan utility DTE Energy among the customers. On the automotive side, Lansing will manufacture NMC cells for Toyota, including batteries intended for vehicles such as the 2027 Toyota Highlander EV, under a long-term U.S. battery supply agreement covering about 20 gigawatt-hours annually. The facility was originally developed as an Ultium Cells joint venture between LG Energy Solution and General Motors, but GM agreed in 2024 to sell its interest in the nearly completed plant to its Korean partner, and LG Energy Solution now operates two manufacturing facilities in Michigan with more than $5 billion invested in the state since 2010.
General Motors Extends China Joint Venture With SAIC Motor For 20 Years
General Motors and SAIC Motor agreed to extend their joint venture for another 20 years to deepen cooperation in intelligent electric vehicles and global expansion. The extension signals a renewed long-term commitment by GM to the Chinese market and global EV manufacturing through the SAIC-GM partnership. Separately, GM was removed as a key partner from a major new LG Energy Solution battery plant project in the US as the company adjusts its North American battery strategy. The twin moves indicate a shift in how GM balances China-focused EV development with a more flexible battery sourcing approach in the US.
Power battery industry polarizes as CATL earns 240 million yuan a day while second-tier players accelerate breakout efforts
The Matthew effect in the power battery industry has become more pronounced. CATL posted attributable net profit of 43.284 billion yuan in the first half, up 41.98 percent year on year, averaging about 240 million yuan in net profit per day. According to SNE Research, CATL held a 40.2 percent global market share in power battery usage from January to May 2026, up 2.2 percentage points year on year, and ranked first globally in energy storage battery shipments. By contrast, second-tier manufacturers are seeing profit margins keep shrinking. Gotion High-tech expects first-half attributable net profit of 1.2 billion to 1.55 billion yuan, with non-recurring gains and losses contributing about 1.1 billion to 1.4 billion yuan. Zenergy New Energy launched A-share listing tutoring just 15 months after its Hong Kong listing, while SVOLT Energy Technology has raised a cumulative 23 billion yuan and is steadily advancing IPO filing preparations. Facing cost pressure, second-tier companies are seeking breakthroughs through energy storage and overseas markets. SVOLT has set a target for overseas shipments to account for 63 percent by 2028.
General Motors Exits Indiana Battery Joint Venture With Samsung SDI
General Motors is selling its 49.99% stake in the $3.5 billion Indiana battery plant joint venture to partner Samsung SDI, making the South Korean company sole owner of SDI-GM Synergy Cells Holdings. The purchase price was not disclosed. The two companies will maintain a business relationship through a separate agreement to jointly develop next-generation prismatic battery cells, and GM will continue to source batteries from Samsung SDI. The exit comes amid weaker-than-expected U.S. EV demand following the expiration of the $7,500 federal EV tax credit in September 2025, and GM has already incurred roughly $6 billion in charges related to scaling back its EV strategy.
GM and SAIC Extend China Joint Venture by 20 Years, Plan 30 New Energy Vehicles by 2030
General Motors and SAIC Motor have extended their SAIC-GM joint venture in China by 20 years to 2047, committing to launch at least 30 new energy vehicles by 2030 and to use China-developed technologies for both domestic and overseas markets. This shift from one-way technology transfer to local innovation and global sharing positions GM to tap China's electric vehicle supply chain and engineering base as a key pillar of its worldwide product and technology roadmap. The extension reinforces GM's global EV ambitions but does not clearly change the near-term focus on EV profitability and the risk that slower adoption and policy shifts keep margins under pressure. GM is also recalibrating its battery and EV footprint, highlighted by its decision to unwind an Indiana battery joint venture with Samsung SDI while continuing to cooperate on next-generation prismatic cells.
Albemarle Q2 2026 EBITDA more than doubles to $858 million
Albemarle Corp reported second-quarter 2026 net sales up 31% year-over-year and adjusted EBITDA more than doubling to $858 million, with enterprise EBITDA margin expanding to 49%. The company generated $710 million in cash from operations and $638 million in free cash flow, achieving over 80% operating cash conversion. Global lithium demand grew 45% year-over-year through May, driven by strong stationary storage and improving EV growth, with inventories at near-record lows. Albemarle raised its full-year outlook for specialties and is on track to hit the high end of its cost productivity target of $100-150 million. However, a June 9 fire at the Greenbushes CGP3 plant delayed the ramp-up to full production until Q1 2027, leading the company to expect energy storage sales volumes for 2026 to be flat to down 4% year-over-year.
Global EV Battery Market to Surge from $103 Billion to $169 Billion by 2035
The global electric vehicle battery market is projected to grow from USD 103.04 billion in 2026 to USD 168.95 billion by 2035, at a compound annual growth rate of 5.6%. The 50-110 kWh battery capacity segment is expected to lead, balancing range, cost, and performance for mass-market and premium vehicles. Europe is anticipated to hold a substantial market share due to regulatory support and regional battery investments. In stock movements, Zebra Technologies rose 26.5% to $368.83 after reporting strong Q2 earnings and upbeat guidance, while Aptiv fell 16.6% to $47.72 following a decline in Q2 net income despite higher sales.
Factorial and SK On sign MoU for solid-state battery manufacturing
US-based Factorial Energy and Korea's SK On have signed a non-binding Memorandum of Understanding to evaluate manufacturing synergies for solid-state batteries. The partnership will assess whether SK On's global lithium-ion battery production network, which exceeds 200 GWh of annual capacity including roughly 100 GWh in the United States, can support Factorial's FEST solid-state battery technology. Factorial CEO Siyu Huang emphasized that the collaboration aligns with the company's capital-light industrialization strategy by leveraging existing manufacturing infrastructure. SK On's Head of Future Technology Ki-soo Park noted the opportunity to evaluate technical feasibility and manufacturing readiness, drawing on the company's expertise. The collaboration targets mobility and high-performance markets and marks Factorial's first manufacturing-focused partnership with a global battery producer.
Toyota to produce next-generation hybrid batteries domestically, targeting 600,000-unit scale by 2028
Toyota Motor will begin production of next-generation batteries for hybrid vehicles in Japan from 2027 to 2028. At a financial results briefing on the 4th, General Manager of the Accounting Division Takanori Azuma revealed that the company will switch its domestic production lines, which have a capacity of 600,000 units, to high-performance, low-cost next-generation batteries. The next-generation batteries are expected to reduce costs by tens of thousands of yen per vehicle, and by 2030, Toyota plans to sequentially switch its battery production lines from nickel-metal hydride batteries to lithium-ion batteries while also boosting production capacity. Additionally, as a long-term plan, it was disclosed that China's leading automotive battery maker CATL will produce 200,000 hybrid vehicle batteries for Toyota in Indonesia. Toyota's global hybrid vehicle sales are projected to exceed 5 million units for the first time in 2026, and these initiatives aim to strengthen the competitiveness of its hybrids, leading to further demand and profit growth.
LG Energy Solution's Second-Quarter Operating Profit Falls 77%
South Korean battery giant LG Energy Solution reported second-quarter results with operating profit down 77% year-on-year to 113 billion won. Revenue rose 24.8%, helped by sales of energy storage systems and cylindrical batteries for Tesla, but bottlenecks in North American ESS module and pack assembly capacity weighed on profits. Excluding tax credits under the U.S. Inflation Reduction Act, the operating loss was 127.7 billion won. Analysts expect performance to improve in the second half, driven by growing North American ESS demand and a recovery in European EV battery demand.
Ford lifts 2026 profit forecast despite quarterly loss
Ford Motor raised its full-year 2026 adjusted EBIT guidance to a range of $10 billion to $11 billion, up from $8.5 billion to $10.5 billion, even as it reported a second-quarter net loss of $1.32 billion. The quarterly loss included $4.2 billion in pre-tax special charges, with $3.6 billion tied to the exit from the BlueOval SK battery joint venture and $0.5 billion related to electric vehicle program cancellations. Revenue fell to $48.29 billion from $50.18 billion a year earlier, driven by lower wholesale volumes from discontinued products, aluminum supply shortages, and a planned reduction in first-generation EV output. Adjusted EBIT rose to $2.5 billion, helped by strong US truck sales and off-road trim variants, while Ford Pro EBIT declined to $1.71 billion due to aluminum constraints linked to Novelis. The company also lifted its adjusted free cash flow forecast to $6 billion to $7 billion, citing expected material and warranty cost savings of around $1 billion, partly offset by investments in Universal EV and Ford Energy and a roughly $1 billion Novelis-related impact.
Factorial and SK On sign MoU to explore solid-state battery manufacturing
Factorial Energy and SK On have signed a Memorandum of Understanding to explore the future development of solid-state battery manufacturing. The partnership will evaluate the technical feasibility and manufacturing considerations for Factorial's FEST solid-state battery technologies, leveraging SK On's global manufacturing network and pilot capabilities. SK On operates more than 200 gigawatt-hours of annual production capacity worldwide, including approximately 100 gigawatt-hours in the United States. The collaboration reflects Factorial's capital-light approach to industrialization, aiming to integrate its next-generation batteries into established manufacturing ecosystems. The MOU is non-binding except for certain customary provisions, with definitive agreements expected to follow.
Major companies including Renesas and Toyota halt factory operations after Kumamoto earthquake, impact spreads
Following the Kumamoto earthquake, many companies including Renesas Electronics and Toyota Motor have suspended factory operations. Renesas has halted operations at its Kawashiri and Nishiki plants and is proceeding with cleanroom inspections. Sony Semiconductor Solutions has stopped production at its Kumamoto Technology Center and is assessing damage to buildings and facilities. Toyota Motor will suspend operations at three plants in Fukuoka Prefecture through the night shift on the 31st, and will decide on August 3rd or later resumption on the 31st. Honda has extended the shutdown of its Kumamoto factory through the 31st, while Bridgestone has suffered minor damage to some facilities at its Kumamoto plant and production remains halted. Aeon Kyushu has suspended operations at a total of 17 stores, including four general merchandise stores in Kumamoto Prefecture.
Volkswagen's Spanish battery plant in investment talks with China's Gotion High-Tech, industry magazine reports
German automotive giant Volkswagen and its Chinese battery partner Gotion High-Tech are in talks over Gotion High-Tech taking a stake in Volkswagen's battery plant in Valencia, Spain, according to Spanish industry magazine La Tribuna de Automoción. The discussions have included high-level visits, with Gotion High-Tech CEO Li Zhen touring the facility. The plant is operated by Volkswagen's emerging battery business PowerCo and is expected to start production at the end of this year, scaling up gradually. PowerCo declined to comment on the report but said in a statement that it regularly evaluates strategic opportunities, including potential partnerships, while a spokesperson said there are no plans to relinquish control of the plant. According to the report, Gotion High-Tech could acquire a majority stake in the Valencia plant joint venture.
AfDB approves $114m loan for Morocco battery plant
The African Development Bank Group has approved a €100 million loan, equivalent to $114 million, to Gotion Power Morocco for an integrated lithium iron phosphate battery giga-factory in the Rabat-Salé-Kénitra Free Trade Zone. The bank also intends to mobilise up to an additional €141 million from other partners as Mandated Lead Arranger. The project, led by Chinese battery manufacturer Gotion High-Tech Co, will establish an integrated cathode-to-cell manufacturing line, with the first phase set to produce 10 gigawatt-hours of battery cells and packs for electric vehicles and a view to expanding to a total capacity of 100 gigawatt-hours. It is expected to create more than 600 direct jobs in the initial phase and achieve a local industrial integration rate of 70 percent. AfDB vice-president Kevin Kariuki said the facility, powered primarily by renewable energy, strengthens foundations for large-scale integration of solar and wind power while creating green industrial jobs and resilient value chains.
CATL's Second-Quarter Profit Beats Estimates on Strong Energy Storage Business
CATL, China's leading automotive battery maker, reported second-quarter net profit of 22.5 billion yuan, up 36.5 percent from a year earlier, beating analyst estimates for a 29.7 percent increase. Revenue rose 56.9 percent to 147.8 billion yuan, accelerating from 52.5 percent growth in the previous quarter. Amid softening demand in the electric vehicle market, robust growth in the energy storage business underpinned results, with first-quarter shipments of energy storage lithium-ion batteries nearly doubling year-on-year and global market share rising to 29.9 percent. However, gross margins for energy storage batteries in the first half fell to 24.0 percent and for EV batteries to 20.6 percent, both down from a year earlier. CATL also announced plans for a share buyback of its yuan-denominated A-shares worth between 20 billion and 40 billion yuan.
Zidian Electronics Surges by 20% Two Minutes After Open as Lithium Battery Stocks Rally
On the morning of July 27, lithium battery stocks strengthened. Zidian Electronics hit the 20% daily limit two minutes after the market opened. Tianhong Lithium Battery, Lingpai Technology, and Xinwangda rose more than 5%, while CATL gained nearly 4%. In news, CATL announced on July 24 that it plans to use its own or self-raised funds to repurchase A-shares through centralized bidding. The total repurchase amount will be no less than 20 billion yuan and no more than 40 billion yuan, with a maximum repurchase price of 573 yuan per share. Wanlian Securities believes that driven by high downstream demand growth, the overall lithium battery industry sentiment is recovering. Current production scheduling is active, material prices are rising year-on-year, and the industry cycle is in an upward phase. It suggests actively focusing on profit recovery opportunities for leading stocks in the lithium battery materials sector.
Lithium Battery Material Prices Surge, Industry Chain Companies Invest Another 30 Billion Yuan to Expand Production
Domestic lithium battery material prices continue to climb. The average price of the electrolyte additive vinylene carbonate has reached 200,000 yuan per ton, with highs of 230,000 yuan, nearly 4.9 times higher than a year ago. Lithium carbonate prices have also doubled to 145,400 yuan per ton, while anode materials and lithium iron phosphate have seen successive price hikes. Facing supply shortages, companies such as Ronbay Technology, Tinci Materials, and Capchem have rolled out expansion plans this year, with total investment in all new and expansion projects amounting to approximately 30 billion yuan. The industry worries that collective capacity expansion may sow risks of overcapacity and a shakeout in the medium to long term, while the sector's overall gross profit margin has already fallen from 27.34 percent in 2021 to 12.56 percent in 2025.
CATL Plans Up to 40 Billion Yuan Share Buyback for Cancellation; First-Half Net Profit Rises Over 40%
CATL announced plans to use no less than 20 billion yuan and no more than 40 billion yuan of its own or self-raised funds to repurchase A-shares, with a maximum buyback price of 573 yuan per share. The repurchased shares will be cancelled to reduce registered capital. The company also disclosed that in the first half of 2026, it achieved operating revenue of 276.917 billion yuan, up 54.8 percent year on year, and net profit of 43.284 billion yuan, up 41.98 percent year on year. It plans to distribute a cash dividend of 14.11 yuan for every 10 shares. Sinomed expects net profit of 50.33 million yuan in the first half of 2026, an increase of 36.49 million yuan from the same period last year, representing a 263.66 percent year-on-year rise, mainly driven by volume growth in its coronary and neurological business segments. State Grid completed cumulative fixed-asset investment of over 310 billion yuan in the first half of 2026, up 12.6 percent year on year, as it accelerated construction of key projects including ultra-high voltage lines. The film Eight Immortals, co-produced by Happy Blue Ocean, has grossed 450 million yuan at the box office since its release on July 18, as of midnight on July 23, exceeding 50 percent of the company's audited operating revenue for the most recent fiscal year. Chippacking Technology said its packaging and testing orders are full, with current order backlog scheduled about 35 days out, and forecast that indicative orders can cover more than three months.
Sungrow and Tianqi Lithium Join Forces to Inject 805 Million Yuan into Sunwoda EVB
Sunwoda subsidiary Sunwoda EVB has launched a Series C+ capital increase. Sungrow and Shehong Tianqi, a subsidiary of Tianqi Lithium, will together contribute 805 million yuan to subscribe for approximately 425 million yuan in new registered capital, representing a combined 2.93 percent stake in Sunwoda EVB after the capital increase. Sungrow will invest 655 million yuan to subscribe for roughly 346 million shares, raising its post-increase stake from 2.46 percent to 4.77 percent. Shehong Tianqi will invest 150 million yuan to subscribe for about 79.2181 million shares, giving it a 0.55 percent stake after the increase. Prior to this capital increase, the total equity value of Sunwoda EVB was determined to be 26.6798 billion yuan. Sunwoda EVB reported a net profit of 13.0452 million yuan in the first quarter of 2026, compared with a net loss of 3.169 billion yuan for the full year 2025. This capital increase aims to bring in downstream core customer Sungrow and upstream lithium resource supplier Tianqi Lithium as strategic investors, building a long-term stable upstream-downstream collaboration system. This marks Sunwoda EVB's second capital increase and share expansion this year, following the Series C financing completed in May, which introduced 13 investors contributing a total of 1.6798 billion yuan at a valuation of 25 billion yuan. The market is watching Sunwoda EVB's spin-off and listing progress. The company had announced plans in July 2023 to spin off and list on the ChiNext board of the Shenzhen Stock Exchange, but there have been no new developments since.
Global Clean Energy Investment to Hit $2.2 Trillion in 2026, IEA Says
Global investment in clean energy is set to reach a milestone $2.2 trillion this year, nearly double the $1.2 trillion allocated to fossil fuels, according to the International Energy Agency's World Energy Investment 2026 report. Renewables are on track to become the world's largest source of electricity generation in 2026, overtaking coal, with their share of total global generation expected to rise from 33% in 2025 to 37% by 2027. The IEA estimates global investment in battery storage will surpass $100 billion this year, as falling battery costs make renewable-plus-storage setups economically superior to traditional fossil fuel peaker plants. Zacks Investment Research highlights Bloom Energy, GE Vernova, Vestas Wind Systems, and Ameren as stocks poised to benefit, noting Bloom Energy's expanded $25 billion partnership with Brookfield for AI power projects and GE Vernova's role in the newly operational SunZia project, the largest renewable energy infrastructure project in U.S. history.
EVE Energy Responds to Patent Infringement Lawsuit and 337 Investigation Filed by LG Energy Solution in the US
Huizhou EVE Energy Co., Ltd. issued a statement on July 24, 2026, saying that LG Energy Solution, Ltd. and its subsidiary LG Energy Solution Arizona, Inc. filed a patent infringement lawsuit against the company in the US District Court for the Eastern District of Texas on July 21, 2026 local time, and concurrently initiated a 337 investigation with the US International Trade Commission. The company stated that after technical tracing and patent comparison analysis, it believes it has not infringed the other party's involved patent rights, and will assemble a professional legal team to actively respond to the lawsuit. As of the announcement date, the company has not yet received formal legal documents. EVE Energy emphasized that it always adheres to independent technological innovation, holding over 17,000 global patent applications in total, including more than 3,000 independent innovation patent applications in the cylindrical battery field.