- Chinese battery makers are becoming increasingly competitive in overseas markets, in the first quarter cornering nearly 30% of the traditional stronghold of South Korean and Japanese rivals.
- Based on report released this month by South Korea-based SNE Research. (Note this appears to be the report in Korean: 2023년 1~3월 非중국 글로벌 전기차용 배터리 사용량 64.2GWh, 전년 대비 45.3% 성장)
Note: We have covered these South Korean battery stocks in various EM Fund Stock Picks & Country Commentaries posts.
- Launched in 2007 as a joint venture between Nissan, NEC Corp and its subsidiary NEC TOKIN Corporation, the battery business was sold to China’s Envision Group in 2018. (Battery maker Envision AESC seeking potential investors to fund expansion-CEO)
- The company, originally called Panasonic EV Energy Co. until 2 June 2010, was founded in 1996 as a joint venture between Toyota and Panasonic, with Panasonic holding 60% of the capital. Panasonic sold 40.5% of the company to Toyota as a condition of purchasing Sanyo. Panasonic decided to reduce its stake in PEVE to speed up the process of getting approvals from antitrust authorities in China and the U.S. (Wikipedia)
- In 2020, Panasonic and Toyota have formed the second EV battery joint venture named Prime Planet Energy & Solutions (PPES) that would focus on the development and manufacturing of Li-ion battery and a solid-state battery. (Wikipedia)
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