Henry Sanderson grew up in Hong Kong. He has covered business and finance in China for the Associated Press and Bloomberg. He now works as the executive editor for Benchmark Mineral Intelligence, a provider of data and analysis for the lithium-ion battery supply chain.
Yeah. It’s a fascinating story. A lot of these companies, their founders came out of the state sector, like the state lithium sector in Xinjiang or central China, which had gone bankrupt in the late 1990s. And then they founded these very entrepreneurial companies, that are incredibly fast-moving and have summoned lots of capital to invest in this supply chain, which has really made China a leader in electric vehicles and the supply chain.
The West has realized that China controls a lot of supply chains. In clean energy, also a lot of them are inefficient, with materials traveling from multiple countries. There’s all these interesting developments going on behind the scenes that I felt people didn’t really understand. And they come with their own implications and geopolitics, and it’s an incredibly fast-moving space. We need to be more aware of these supply chains so we can understand what’s going on. He is perhaps the most amazing example of a person and a company that seemed to come out of nowhere. I don’t think I’d even heard of the company five years ago.
It was a classic case of creating domestic champions, but they also had had this experience lower down the value chain. And we can see BYD today, its market cap is over a trillion yuan. CATL is worth a trillion yuan. They are China’s green industrial barons — like the Rockefeller’s back in the day. And when you say, “Come into Western markets,” are you talking about the finished products, the vehicles themselves?
It seems that China is already… Is it even possible for any other country to catch up with China’s lithium supply chain? Finally in nickel, the Chinese have just made huge investments in Indonesia, which will become the dominant supplier of the metal for electric vehicle batteries. Indonesia has almost become like a nickel colony of China. It’s hard for me to see the west catching up.Yeah, so I’d say lithium, cobalt, nickel. And then in graphite for the anode, China produces almost all of the world’s graphite for batteries. So graphite will be hard to replace from China.
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