News source 9-13 Dec 2024 by Graphithub
Just for those who don't know
This week, the graphite market was hit by challenging news from Syrah Resources, which declared force majeure on its Balama graphite project in Mozambique due to protests and unrest. This led to defaults on US-backed loans from DFC and DOE and sent shockwaves through the sector, especially given Syrah's position as the largest graphite producer outside of China.
As for the broader market, China's dominance in the global EV sector continues to grow, with Chinese companies, led by CATL, controlling over half of the global EV battery market. In contrast, the European EV battery sector is faltering, as demonstrated by the bankruptcy of Northvolt, Europe's largest battery manufacturer. While European efforts to boost production have been hampered by over-reliance on subsidies and missed schedules, China's growth is being driven by strong government support and technological leadership. Meanwhile, a recent survey shows that despite the difficulties, electric vehicle adoption remains strong in Europe: 97% of electric vehicle owners are satisfied and less than 1% are considering returning to petrol or diesel vehicles, underlining the growing loyalty to electric vehicles.
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