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Workers are seen on the production line of lithium-ion batteries for electric vehicles (EVs) at a factory in Huzhou, Zhejiang province, China.
Reuters
Two Chinese battery makers are expected to rise as global demand for electric car batteries could increase by around 30-fold over the next 20 years, Goldman Sachs analysts said in a March 18 note.
The company has updated its forecast for sales in Europe and the United States – analysts now predict that 47%, or nearly half, of all cars sold globally in 2040 will be electric, which will increase demand batteries.
If sales end up exceeding this baseline scenario, there could even be a shortage of batteries in 2025, according to the report.
Here are the numbers behind the more than 70% gains Goldman predicts for at least one Chinese battery maker:
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