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China to invest $845 million on ramping up its advanced EV battery ambitions

·1 min

China plans to invest around 6 billion yuan ($845 million) to develop next-generation battery technology for electric vehicles (EVs). Six companies, including the world’s largest battery manufacturer and major automakers, are eligible for government support to develop all-solid-state batteries (ASSBs). China aims to lead this project, which uses a solid, conductive electrolyte instead of liquid or gel-form material, making the batteries safer and more powerful. The investment comes amidst trade tensions with the US and Europe, which have imposed tariffs on Chinese EVs and related goods. Chinese automakers and tech companies are also working on ASSBs.