EV Battery Overcapacity Looms as EV Demand Slows
The future of electric vehicle (EV) battery production looks increasingly uncertain as demand for these vehicles slows down. According to a recent report by AlixPartners, the global capacity for EV batteries is predicted to triple the actual demand by 2030, leading to significant overcapacity issues. This prediction follows several major automakers scaling back their ambitious plans in response to decreased sales and changing market conditions.For instance, Ford has cut its planned battery production capacity by 35 percent due to lower-than-expected EV sales in North America. The company's $5.8 billion facility in Kentucky is still under construction with SK On as a partner, but the reduced capacity signals a shift in strategy. As we reported earlier this year, the F-150 Lightning has face...