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Tesla and South Korean battery manufacturing giants are expected to jointly enjoy strong demand.

LG, Samsung, and Tesla will have a brilliant year in the battery industry, "said Geoff Brown, president of PowinEnergy, an Oregon energy company. But he also stated that there will be new competitors emerging because 'demand will arise from new suppliers'.

In fact, the above example of PowinEnergy illustrates that in addition to these three suppliers, new demand will drive the emergence of new suppliers. The company's products feature domestic batteries.

Thanks to the rise of our country, battery prices have not significantly increased

Despite the current short-term supply shortage forcing some battery buyers to pay a premium, the average price has still decreased this year. The Bloomberg New Energy Finance report mentions many factors: from limited supply to long delivery times from Korean suppliers, to the rising prices of lithium and cobalt commodities in batteries, and even to trade disputes between the United States and China, all of which have failed to push up the average price of batteries.

The reason may be simple. Brett Simon, an analyst at Wood Mackenzie in Boston, said that new production capacity is rapidly increasing, especially in China where battery packs from major manufacturers are accommodating higher energy densities. Yayoi Sekine from Bloomberg New Energy Finance believes that China has sufficient production capacity to produce batteries in the next three years to meet the overall global demand for batteries.

CATL is building a 24 billion watt hour plant near its headquarters in Fujian. The company also established a joint venture plant with SAIC Motor in Jiangsu, with a planned output of 36 billion watt hours. The company has also stated that by 2020, it will increase its total power generation capacity to 50 billion watt hours.

Aerial View of CATL Headquarters

BYD, which competes with CATL for the title of China's largest battery manufacturer, has also built a 24 billion watt hour factory in Qinghai Province.

BYD's Vice President in charge of battery business, He Long, said that the company expects its total battery production capacity to reach 28 billion watt hours this year and further increase to 60 billion watt hours by 2020.

South Korean battery giants will also expand production. A spokesman for LG Chem said that the company expected that by 2020, its electric vehicle battery output would increase from 18 billion watt hours at the end of last year to 90 billion watt hours, a five fold increase. He declined to comment on the possibility of an overall battery shortage. Samsung SDI also revealed that the company will continue to increase production capacity while meeting demand.

However, although the world is waiting for an increase in battery production, the current imbalance in supply and demand has also slowed down the speed of cost reduction. However, it is this slowdown in price reduction that has made today's battery boom possible. According to Wood McKenzie's data, the total price of lithium-ion battery racks has decreased by 7% this year, lower than the previous forecast of 14%.

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