The Indian government expects that by 2030, Electric Vehicle sales will account for 30% of private and 70% of commercial vehicle sales, and this is good news for the EV industry in India.
But the good news ends here.
Chinese EVs currently make up 60% of global EV sales. But their domination goes much deeper.
Batteries account for 40% of an EV’s cost, and China controls that part of the supply chain as well. The world’s top 2 EV battery makers - CATL and BYD - are both Chinese and together they account for over 50% of the world’s battery production.
But Chinese domination still goes a step deeper.
China also owns the processing of raw materials and minerals required to make these EV batteries - it owns 35% of Nickel, 65% of Lithium, 75% of Cobalt, and almost 100% of Graphite in the global supply.
And India is in a spot of bother - the country’s imports of ready-to-use Lithium-ion batteries have nearly tripled in the last 4 years, and 85% of those came from China.
How did China secretly manage to gain end-to-end control of the EV battery supply chain? How did India, the US, and Europe fall so behind in the EV race? Can India do anything to stop Chinese batteries from flooding the country, or is it already too late?
Find out the answers to all these questions in the detailed video about the Indian and global EV battery sector.
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