Workers are seen on the electric vehicle (EV) lithium-ion battery production line at a factory in Huzhou, Zhejiang province, China.
Reuters
Two Chinese battery manufacturers are expected to increase 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 forecast in Europe and the US – analysts now expect 47%, or almost half, of all cars sold in the world in 2040 to be electric, increasing demand for batteries.
If sales go beyond this basic scenario, there may even be a shortage of batteries in 2025, the report said.
Here are the numbers behind the more than 70% gains Goldman predicts for at least one Chinese battery company: