Workers are seen at the production line of lithium-ion batteries for electric vehicles (EVs) at a factory in Huzhou, Zhejiang Province, China.
Reuters
Two Chinese battery manufacturers will grow 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 forecast for sales in Europe and the US – analysts now expect 47%, or almost half, of all cars sold worldwide in 2040 to be electric, which will increase demand for batteries.
If sales exceed this baseline scenario, there could even be a battery shortage in 2025, the report said.
Here are the numbers behind the 70% earnings Goldman predicts for at least one Chinese battery company: