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Riding on a strong wave due to the boom in electric vehicle (EV) demand, China’s battery industry is looking at another strong year, according to Bingyao Chen, Investment Analyst, Mirae Asset Global Investments.
“Looking ahead at 2022, pent-up demand is expected to remain strong in most major markets (Europe, the US, and China) due to supply chain bottlenecks, and we are optimistic about sales for the year, especially in the first half,” says Chen in a recent market inisght. According to China Passenger Car Association (CPCA), China’s EV sales are estimated to exceed 5 million units provided the chip shortage eases, reaching the original government target much earlier than expected.
“We expect surprises to the upside are more likely to occur in manufacturers with successful models, faster supply chain easing, and robust product pipelines. We also remain bullish on long-term EV demand and cost decline,” says Chen.
Read the full market insight at am.miraeasset.eu.
