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illuminem summarizes for you the essential news of the day. Read the full piece on The Financial Times or enjoy below
🗞️ Driving the news: As the world gears up for the electric vehicle (EV) revolution, companies are scrambling to dominate the battery market
• Miners like BHP and Glencore are set to benefit from the rising demand for metals like lithium, nickel, and cobalt, while companies such as CATL and LG Energy Solution are battling for the top spot in battery production
🔭 The context: The push for EVs is fueled by growing environmental concerns and governmental regulations
• With bans looming for petrol and diesel vehicles in regions like the EU and the US, the automotive industry is embracing next-generation batteries, causing shifts in the market, supply chain adjustments, and a race among both new and established companies to emerge as leaders
🌎 Why does it matter for the planet: The transition to electric vehicles powered by next-generation batteries is crucial for reducing greenhouse gas emissions
• Success in this field will contribute to global decarbonization efforts, reduce reliance on fossil fuels, and create a more sustainable transportation future
⏭️ What's next: The competition is expected to intensify as technology evolves, market dynamics shift, and companies invest heavily in research and development
• Partnerships, mergers, and investments in various parts of the battery supply chain are anticipated as companies seek to secure a foothold in this fast-changing market
💬 One quote: "We may be coming to a world in which the market becomes very brutal. There will be a small number of winners, a lot of losers and a lot of blood on the floor." (Steve LeVine, author of The Powerhouse)
📈 One stat: In China, unit sales of plug-in hybrids and pure battery vehicles jumped from 1.2 million in 2019 to 6.9 million last year, reflecting the rapid pace of growth in the EV market and signaling the scale of the transformation underway
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