EDINBURGH—China’s growing dominance in the electric vehicle market will threaten foreign brands and spark global debate in 2024, according to a recent report by energy research and consulting firm Wood Mackenzie. With EVs at the forefront of global geopolitics, the firm predicts this will be a pivotal year for electrification initiatives.
“With two-thirds of China’s power batteries produced in 2023 being iron-based, Chinese cell producers have capitalized on their expertise in low-cost chemistry,” says Max Reid, principal analyst for electric vehicles and battery supply chain at Wood Mackenzie. “This has allowed China to announce advancements in fast-charging and energy density improvements, putting foreign brands at risk of losing market share.