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The industry's journey has gone through stages of growth, boom, and ultimately bust. In 2009, both central and local governments launched dual subsidies for the electric vehicle industry, kickstarting China's lithium battery sector. Initially, local governments rushed to launch projects, and lithium battery plants sprang up everywhere.
In 2020, the Chinese government's dual carbon targets fueled a rapid rise in energy storage projects, creating another surge in new facilities. However, by 2022, the industry faced overcapacity, with enough batteries for 2 million vehicles unsold, equaling about 100 gigawatt-hours.