China has announced that it will invest around $845 million (six billion yuan) into the development of next-generation EV batteries in the country.
Six companies, including CATL, a global leader in EV battery tech, and auto manufacturers BYD and Geely, will get access to government funding for this "unprecedented" project, which focuses on building viable all-solid-state batteries (ASSBs), as CNN reported.
The industry favors lithium-ion batteries for electric vehicles because they're relatively energy efficient, and there are methods in place to recycle them. However, many people see ASSBs as the future of electric vehicle batteries.
Semi-solid-state models, which use a solid electrolyte material in combination with the liquid or gel version typically used, have already shown great promise. These are generally safer, lighter, and more energy dense. They also have faster recharging potential due to improved thermal stability.
ASSB versions would rely on entirely solid materials and should improve on those already promising results. However, there are manufacturing hurdles to clear, and the process is estimated to be 10 to 20 times more expensive than lithium-ion production.
Some U.S. automakers have slowed down their own investments into EV tech, leaning on hybrid models while they wait to see how things shake out. Don't fret though, NASA is already developing its own solid-state battery tech, and Japan's Nissan has been working on using ASSBs in its vehicles by 2029.
As CNN mentioned, companies like Toyota, Samsung SDI, and Volkswagen are also on board with developing these next-gen batteries for use before the end of the decade.
These are interesting political times, and although China is facing heavy tariffs in the U.S., it's ramping up EV production and hopes to lead the market with its new batteries in the future.
The prospect of heavy competition may force American companies to increase their own research and development into producing more efficient and sustainable products.
The Inflation Reduction Act has already attracted billions of clean-energy investment dollars, and as renewable energy sources continue to flow into the grid, battery storage tech is of key importance.
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