CATL has shocked the world of electric vehicles by offering to sell batteries at much lower cost. Is there a catch?
“It’s very much a market share game,” Caspar Rawles, chief data officer at Benchmark Mineral Intelligence, tellsis it gets to preserve its market share in a market that is decelerating in some key areas. China’s generous incentives for what it calls “new energy vehicles” expired at the end of last year.
“There’s a price war going on. We’ve seen it some weeks ago at the vehicle level. We’re now seeing it at the battery level,” Eric Norris, president of Energy Storage at Albemarle Corp , the world’s largest producer of lithium for EVs, told. He said CATL was looking to take advantage of its ability to scale production “to cut prices to gain share.”suggests it was NIO’s decision to build its own 40 GWh battery factory in China that forced CATL’s hand.
Christian Barbier, head of sales and marketing for Allkem, was sanguine about the fall in lithium prices, which he told“needed to happen” and was “helpful.” His assessment is that the drop in prices has been exacerbated by battery manufacturers in China jostling for market share. He added that miners were still showing strong profitability, “So that’s why we’re not too concerned about the overall fundamentals and the future direction of prices.
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