The energy transition will require more and better batteries, according to Bernstein. "To enable the energy transition, we will need batteries with higher energy density, faster charging times, and enhanced safety," analysts at Bernstein wrote in an October report. They said that over 200TWh of batteries will be required for the energy transition both in electric vehicles and energy storage. To reach that target, a 25-fold increase in sales will be needed from the 0.
, and South Korea's LG Chem and Samsung SDI. and Samsung SDI are spending $10 billion a year on research and development to stay ahead, it noted. It gave a price target of 370 Chinese yuan , or potentially more than 100% upside from Thursday's close. For Samsung SDI, its price target was 877,000 Korean won , also implying over 100% upside. It gave LG Chem a 960,000 Korean won price target, or around 125% potential upside. Not all companies are adopting new technologies at the same pace, said Bernstein.
is leading the top six battery makers, with mass production of Na-ion, LFP/LMFP, and high-nickel batteries — some new types of batteries, according to Bernstein. When it comes to solid-state batteries, South Korean battery manufacturers have a lead over their Chinese counterparts, Bernstein said. — CNBC's Michael Bloom contributed to this report.