Are Batteries the Trade War China’s Already Won?
The global battery market to power EVs and consumer electronics and to store renewable energy on power grids will be worth about $116 billion a year by 2030, BloombergNEF forecasts, up from around $28 billion now. The U.S. is on course to capture only a small piece of that.
American and German automakers dominated the 20th century, pioneering and continually improving the internal-combustion engine. Japan and China, which industrialized later, were left to play catch-up. But now Asia—led by China and South Korea—leads the way in developing cheap, powerful technology for the EV era.
U.S. industries will suffer if rising battery demand is met only by foreign companies, experts say, and job losses in the already shrinking auto sector will be even greater if cell production is concentrated overseas.