By South China Morning Post | Created at 2024-11-21 04:26:28 | Updated at 2024-11-21 08:45:23
4 hours ago
A scientist who predicted China’s electric car boom a decade ago says the country’s EV battery industry could expand more than sevenfold, despite existing overcapacity.
Ouyang Minggao, from Tsinghua University’s school of vehicle and mobility, and a leading figure in China’s early EV research projects, told science media platform The Intellectual on Monday that the country’s battery industry could be worth 10 trillion yuan (US$138 billion) in the future.
“No amount of subsidies would work [to boost the EV industry] without breakthroughs in battery technology,” Ouyang said when asked if the advancement of China’s EV industry could be attributed to favourable policies and subsidies.
“With rapid advancements in battery and EV technologies, new manufacturers have entered the market. Consumer education has progressed and the reputation of EVs has grown,” Ouyang said.
“After years of developing expertise, the market has surged in the past three years, achieving a record 6.8 million new energy vehicle sales in 2022. This was almost certainly going to happen despite uncertainties.”
Last year, the lithium-ion battery sector surpassed 1.4 trillion yuan in total output, according to the Ministry of Industry and Information Technology.
