EV & Battery Sector Deep Dive
The electric vehicle market is reaching a new turning point amid concerns about slowing growth. While global EV sales continue to rise, growth rates aren't as steep as before, leading to adjusted market expectations.
Key Trends
Battery Technology Innovation: Solid-state battery development is accelerating, led by LG Energy Solution and Samsung SDI. With simultaneous improvements in energy density and cost reduction, commercialization is expected after 2027. Cathode material companies like EcoPro BM are also focusing on next-generation material development.
Tesla's Strategic Pivot: Tesla is shifting strategic weight toward robotaxi and FSD (Full Self-Driving), attempting to transform from a simple EV manufacturer to an AI mobility company. Cybertruck mass production and affordable model launches are also market focal points.
Rise of Chinese EV Makers: Chinese EV companies, led by BYD, are aggressively expanding globally, putting existing players' price competitiveness to the test.
Investment Outlook
The EV/Battery sector has a neutral short-term outlook, but holds significant re-rating potential in the medium-to-long term as solid-state battery commercialization and autonomous driving technology advance. Selective attention to battery material companies and charging infrastructure stocks is warranted.
Risk Factors
Risks include EV subsidy reductions, raw material price volatility, intensifying price competition with Chinese players, and still-high total cost of ownership compared to ICE vehicles.