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‘Battery arms race’: how China has monopolised the electric vehicle industry
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Think of an electric car and the first name that comes to mind will probably be Tesla. The California company makes the world’s bestselling electric car and was recently valued at $1tn. But behind this US success story is a tale of China’s manufacturing might.
Tesla’s factory in Shanghai now produces more cars than its plant in California. Some of the batteries that drive them are Chinese-made and the minerals that power the batteries are largely refined and mined by Chinese companies.
As the world transitions to electric vehicles (EVs), companies are racing to secure and strengthen their positions in the battery supply chain, from mineral extraction and processing to battery and EV manufacturing.
The sector has seen a move towards vertical
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