In 2020, Fitch Solutions analysts recorded 37 manufacturing projects for EV batteries and related components and materials worth $21.04 billion, for those projects disclosing financial details.
The projects range from the production of battery cells and packs themselves, to anode materials and battery trays, and give an idea of which regions are most active in developing a localised supply chain and which countries are the biggest beneficiaries within those regions.
Western Europe claimed both the biggest number of projects with 17, and the biggest combined value with $9.1 billion. This gave the region a 43.5% share of the total global investment into battery manufacturing projects, Fitch reports.
In Emerging Europe, the projects are dominated by Hungary and Poland and are mostly in the battery component segment, supplying existing facilities in these countries. This speaks to the strength of these two countries as automotive production locations in general, Fitch says, as well as their ability to move up the value chain with high-tech products.