Workers can be seen at the lithium-ion electric vehicle (EV) battery production line at a factory in Huzhou, Zhejiang Province, China.
Reuters
Two Chinese battery makers are set to boom as global demand for electric car batteries could multiply by about 30 times in the next 20 years, Goldman Sachs analysts said in a March 18 note.
The company has updated its sales forecasts in Europe and the US – analysts now expect 47%, or nearly half, of all cars sold worldwide by 2040 to be electric, increasing demand for batteries.
In fact, if sales exceed that baseline scenario, there could be a shortage of batteries by 2025, the report said.
Here are the numbers behind the more than 70% profit Goldman predicts for at least one Chinese battery company: