Overview

Policy Summary

2024 was a year of policies aimed at diversifying supply chains, protecting domestic industries, and seizing control and influence in the battery industry and in new generation technologies. China implemented measures to address domestic overcapacity while also reinforcing its dominance in battery supply chains, battery technology, and battery end-use demand. USA introduced targeted financial support for domestic projects while also ramping up restrictions on Chinese involvement in US-linked supply chains. Europe hiked tariffs on Chinese EVs in an attempt to protect its domestic automotive industry, but it has also been open to Chinese investment. Europe is also suffering from attrition in EV subsidies and region-wide targets, but other policies have strengthened efforts in recycling and circular economies. In the rest of the world, several countries have gradually ramped up protectionist policies in an effort to capture the economic and strategic benefits of the growing battery industry, but they largely remain open to Chinese partnership. Despite some setbacks, nations worldwide are accelerating their efforts and investments in the energy transition off the back of abundant supply and exceptionally low costs for batteries.

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