https://www.woodmac.com/news/opinion/ev-and-battery-supply-chain-2024-outlook/There appears to have been a surplus of over 200 GWh of lithium-ion batteries in China alone last year. Automakers are likely sitting on secured cell supply for EV sales that failed to materialise.
Storing batteries is an expensive business, so automakers may have a more cautious appetite for purchasing cells in 2024. Along with reducing battery raw materials prices, 2024 should see highly competitive battery prices, leading some to diversify their cell chemistries.
China is poised to spearhead the development of more affordable cells, exploring sodium-ion as the next low-cost tech. Large-scale commercialisation of sodium-ion cells is already underway, with BYD initiating construction at its inaugural 30 GWh factory earlier this month.
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