METS

China works IRA loophole; lifts battery dominance

China maintained its dominance in the global battery supply chain in the first half of 2023, with CATL and BYD together accounting for over half of the world's installed batteries, while firms in the superpower are partnering with companies in South Korea as a loophole to the US' Inflation Reduction Act.

 President Xi Jinping with US President Joe Biden at the margins of the 2022 G20 Bali summit.

President Xi Jinping with US President Joe Biden at the margins of the 2022 G20 Bali summit.

Also, while the IRA benefited US electric vehicle giant Tesla, the Elon Musk-led company still lost ground in terms of sales to China's BYD, which registered "explosive growth", South Korea's SNE Research...

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