A wave of consolidation has swept across China’s battery industry, leading to cancelled investments and the exits of smaller players even as leaders CATL and BYD push ahead with their expansion plans. In the first seven months of the year, 19 battery gigafactory projects were cancelled or postponed in China, according to London-based research firm Benchmark Mineral Intelligence.
In April, Nanfang Black Sesame Group, China’s largest puréed foodmaker, told investors that it had suspended its planned $3.5bn battery project in the eastern province of Jiangxi, citing “profound changes” in the new energy market landscape. The group had only last year announced a pivot to energy storage. “The company will not act too hastily . . . and wait for our best chance to execute to avoid higher investment costs and related losses,” it said in a stock exchange filing.
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