Dossier 07
Batteries
v1.3-draft · unchecked
- E1 confirmed
- E2 single-source
- E3 claimed
- E4 disputed
- E0 unknown
1. As of
- Date
- Version
- v1.3-draft
- Author / model
- Atlas generator
- Reviewer
- unchecked (Josef)
2. In one sentence
Lithium-ion is deployed practice at TWh scale: EV batteries 1.2 TWh in 2025, LFP over 55%, China over 80%; commercial cells ≥270 Wh/kg / ≥650 Wh/L (Frith 2023, E2) at cell price $101 kWh⁻¹ (2021) — cell ≠ IEA pack; solid-state remains a challenge (Janek & Zeier 2023, E2); sodium remains a claim; 500 Wh/kg plus 1,000 cycles is not an EV product.
Established now · E1 / E2
3. What works today
Li-ion is deployed practice
-
E1
Energy-sector battery demand (EV + storage) 1 TWh in 2024. EV battery demand >950 GWh, +25% vs. 2023. Cars >85% of EV battery demand. An average week in 2024 > entire annual demand a decade earlier.
IEA GEO 2025. Electric vehicle batteries — Global EV Outlook 2025. https://www.iea.org/reports/global-ev-outlook-2025/electric-vehicle-batteries. As of 2025. Checked 2026-08-28. Type: Official report. -
E1
2023: energy sector >90% of annual Li-ion demand (2016: 50%). Energy-sector stock >2,400 GWh. Storage additions 2023: 42 GW, doubled. Pack prices from ~1,400 USD/kWh (2010) to <140 USD/kWh (2023); ~90% decline.
IEA Exec 2024. Batteries and Secure Energy Transitions — Executive Summary. https://www.iea.org/reports/batteries-and-secure-energy-transitions/executive-summary. As of 2024-04-25. Checked 2026-08-28. Type: Official report.IEA Status. Status of battery demand and supply. https://www.iea.org/reports/batteries-and-secure-energy-transitions/status-of-battery-demand-and-supply. As of 2024-04. Checked 2026-08-28. Type: Official report. -
E2
2025 storage additions 108 GW, +40%; LFP ~90% of storage deployments (five years earlier <50%). Li-ion market >150 billion USD. LFP >50% of EV batteries and >90% of BESS. China fabricates >80% of all batteries. 2025 figures marked as estimates.
IEA GER 2026. Technology: Battery storage — Global Energy Review 2026. https://www.iea.org/reports/global-energy-review-2026/technology-battery-storage. As of 2026. Checked 2026-08-28. Type: Official report.IEA Commentary 2026. Global battery markets are growing strongly — and so are the supply risks. https://www.iea.org/commentaries/global-battery-markets-are-growing-strongly-and-so-are-the-supply-risks. As of 2026-02-13. Checked 2026-08-28. Type: Official commentary. -
E1
Pack prices −20% in 2024. LFP ~30% cheaper per kWh than NMC (2024); LFP pack ED ~1/5 lower gravimetrically. Global cell capacity >3 TWh 2024, three times EV+storage demand. ~85% of capacity in China.
IEA GEO 2025. Electric vehicle batteries — Global EV Outlook 2025. https://www.iea.org/reports/global-ev-outlook-2025/electric-vehicle-batteries. As of 2025. Checked 2026-08-28. Type: Official report. -
E2
CATL 2025 (news on the annual report): shipments 661 GWh; manufacturing capacity 772 GWh; EV market share 39.2% (SNE). HKEX PDF not in full text.
CATL AR news. CATL Releases 2025 Annual Report. https://www.catl.com/en/news/6773.html. As of 2026-03-10. Checked 2026-08-28. Type: Company report. -
E2
IEA GEO 2026 (EV-batteries chapter, opened): EV battery deployment 1.2 TWh in 2025, up almost 30% vs 2024, more than 7× 2020. EVs more than 70% of total battery deployment in 2025 (almost 80% in 2024). Light-duty more than 85%; trucks about 8% (under 5% in 2024). Regional: China 60%, EU almost 15%, US 10% (stagnant), other EMDEs 6%. LFP over 55% of EV batteries in 2025 (almost 50% in 2024). Nameplate manufacturing over 4 TWh by end-2025, up about 30% vs 2024; China over 80% of capacity and of output. Pack prices minus 8% in 2025 (IEA analysis on BNEF data; BNEF not opened independently). 2025 figures in the IEA text are a reporting year, not a live count.
IEA GEO 2026. Electric vehicle batteries — Global EV Outlook 2026. https://www.iea.org/reports/global-ev-outlook-2026/electric-vehicle-batteries. As of 2026. Checked 2026-08-28. Type: Official report.
Intercalation limits specific energy
-
E1
Graphite anode plus intercalation cathode bounds the cell. Baseline Li||NMC622 pouch ~350 Wh/kg. >500 Wh/kg needs a hypothetical cathode >250 mAh g⁻¹ plus >50% cut in inactive mass and N/P → 1. Lean electrolyte 25→3 g Ah⁻¹: cycle life ~10 cycles. 50 µm Li despite flooded electrolyte: <20 cycles. Coin-cell literature ≪50 Wh/kg.
Liu et al. Pathways for practical high-energy long-cycling lithium metal batteries. https://www.osti.gov/servlets/purl/1498872. As of 2019-02-25. Checked 2026-08-28. Type: Paper (Nature Energy). -
E2
Frith/Lacey/Ulissi (Nat. Commun. perspective 2023, OA PDF): mass-produced commercial cells from Sony 1991 120 Wh kg⁻¹ / 264 Wh L⁻¹ to ≥270 Wh kg⁻¹ / ≥650 Wh L⁻¹. Cell prices down 98% from ca. $5,000 kWh⁻¹ (1991) to $101 kWh⁻¹ (2021, Fig. 1). Cell ≠ IEA pack price (GEO 2026 minus 8% in 2025). Inactive components can be ≥50 wt% of the cell.
Frith, Lacey, Ulissi. A non-academic perspective on the future of lithium-based batteries. https://www.nature.com/articles/s41467-023-35933-2.pdf. As of 2023-01-26. Checked 2026-09-01. Type: Paper (Nature Communications perspective, OA). -
E2
LFP cell-to-pack (CTP) in the same paper: cell ca. 160 Wh kg⁻¹ / 330 Wh L⁻¹ → pack ca. 135 Wh kg⁻¹ / 210 Wh L⁻¹; 64% volumetric packing efficiency vs 35–40% standard pack. High-Ni SOTA cells >270 Wh kg⁻¹. NMC811 6% Co by mass; raw-material cost example Jan 2022 $54 vs $135 kWh⁻¹ (NMC811 vs LCO, excluding processing).
Frith, Lacey, Ulissi. A non-academic perspective on the future of lithium-based batteries. https://www.nature.com/articles/s41467-023-35933-2.pdf. As of 2023-01-26. Checked 2026-09-01. Type: Paper (Nature Communications perspective, OA). -
E2
DOE 2020: conventional graphite cells ~220 Wh/kg. Battery500: pouch from 300 Wh/kg / ~10 cycles to 350 Wh/kg / >350 cycles. Path to 500 Wh/kg as research, not a product. Later AMR PDFs not opened.
DOE Battery500. Battery500: Progress Update. https://www.energy.gov/cmei/articles/battery500-progress-update. As of 2020-05-19. Checked 2026-08-28. Type: Official program note. -
E2
CATL Wu Kai, 2026-04-21: “LFP is nearing its theoretical energy density limit.” Hence roadmap more extreme fast-charge than further ED. Vendor statement; no independent LFP theory calculation opened here.
CATL Super Tech Day. CATL Unveils Six Major Innovations. https://www.catl.com/en/news/6811.html. As of 2026-04-21. Checked 2026-08-28. Type: Company report.
Solid-state: remaining challenges (Janek & Zeier)
-
E2
Janek & Zeier (Nat. Energy review 2023, JuSER OA revised MS): four remaining SSB challenges — (1) composite-cathode transport/chemomechanics, stack pressure ideally <0.1 MPa (a few MPa may be acceptable); (2) anode+protection: ultimate proof of long-term large-area Li metal still missing; (3) economics: SE Li inventory ~25% of Li in the cathode composite / ~40% of cell Li incl. separator; (4) long-term interfaces / safety not unequivocally proven (Li₆PS₅Cl–NCM runaway >150 °C).
Janek & Zeier. Challenges in speeding up solid-state battery development. https://doi.org/10.1038/s41560-023-01208-9. As of 2023-02-23 (Nat. Energy 8, 230–240); JuSER OA revised MS. Checked 2026-09-06. Type: Paper (Nature Energy review; JuSER OA PDF). -
E2
Authors leave commercial success open between niche and mass market; Li-based SSBs and metal anodes “may not be the ultimate solution.” Review statement 2023 — not evidence of mass-market automotive SSBs.
Janek & Zeier. Challenges in speeding up solid-state battery development. https://doi.org/10.1038/s41560-023-01208-9. As of 2023-02-23 (Nat. Energy 8, 230–240); JuSER OA revised MS. Checked 2026-09-06. Type: Paper (Nature Energy review; JuSER OA PDF).
Claimed · E3
4. What is claimed, not shown
IEA scenarios, sodium, solid-state, CATL roadmap
-
E2
NZE: storage 6× to 1,500 GW by 2030; batteries 90% of the increment, 14× to 1,200 GW. Na-ion: <10% of EV batteries by 2030. Solid-state “on track to be commercially available” beyond 2030. E2 for the scenario as IEA text; E3 as a world forecast.
IEA Exec 2024. Batteries and Secure Energy Transitions — Executive Summary. https://www.iea.org/reports/batteries-and-secure-energy-transitions/executive-summary. As of 2024-04-25. Checked 2026-08-28. Type: Official report.IEA Outlook. Outlook for battery demand and supply. https://www.iea.org/reports/batteries-and-secure-energy-transitions/outlook-for-battery-demand-and-supply. As of 2024-04. Checked 2026-08-28. Type: Official report. -
E3
CATL Naxtra: 175 Wh/kg, >10,000 cycles, −40 °C (vendor). CHANGAN vehicle market start mid-2026. TENER Sodium: 1 GWh shipments expected by end-2026. No independent cell test, no Wh basis (cell vs. pack) given.
CATL Naxtra. Naxtra Battery Breakthrough & Dual-Power Architecture. https://www.catl.com/en/news/6401.html. As of 2025-04-21. Checked 2026-08-28. Type: Company report.CATL CHANGAN. CATL and CHANGAN Launch World’s First Mass-Production Sodium-Ion Passenger Vehicle. https://www.catl.com/en/news/6720.html. As of 2026-02-05. Checked 2026-08-28. Type: Company report.CATL Super Tech Day. CATL Unveils Six Major Innovations. https://www.catl.com/en/news/6811.html. As of 2026-04-21. Checked 2026-08-28. Type: Company report.CATL TENER. CATL Debuts World's First Field-Validated Sodium-Ion BESS. https://www.catl.com/en/news/6861.html. As of 2026-06-22. Checked 2026-08-28. Type: Company report. -
E2
QuantumScape QSE-5 B-samples: 21.6 Wh, 844 Wh/L, 301 Wh/kg (C/5, 25 °C). Tests on a limited number of samples. GAAP loss Q3 2024: 119.7 million USD; no product revenue. 10-K risk factors: never before commercialised an automotive-grade Li-metal solid-state cell; yield/safety transfer unsolved. E2 for B-sample existence; E3 for automotive fitness.
QS Q3 2024. Q3 Fiscal 2024 Letter to Shareholders (EX-99.1). https://www.sec.gov/Archives/edgar/data/1811414/000095017024116656/qs-ex99_1.htm. As of 2024-10-23. Checked 2026-08-28. Type: SEC filing.QS 10-K. Form 10-K for the fiscal year ended December 31, 2024. https://www.sec.gov/Archives/edgar/data/1811414/000095017025027308/qs-20241231.htm. As of 2024. Checked 2026-08-28. Type: SEC 10-K. -
E2
IEA GEO 2025: solid-state TRL 6 (large pilot). Advantages still need to be demonstrated for packs at scale. First commercial “SSB” could be semi-/quasi-solid. Toyota/BYD plan 2027–2028, limited volumes.
IEA GEO 2025. Electric vehicle batteries — Global EV Outlook 2025. https://www.iea.org/reports/global-ev-outlook-2025/electric-vehicle-batteries. As of 2025. Checked 2026-08-28. Type: Official report. -
E2
IEA GEO 2026: EV battery deployment almost 3 TWh in 2030 in CPS and STEPS (from 1.2 TWh in 2025); 2035 about 4 TWh (CPS) / almost 5 TWh (STEPS); NZE about 9 TWh in 2035. Sodium-ion: latest cells up to 175 Wh/kg versus LFP 205 and NMC 265; manufacturing capacity just over 1% of Li-ion cells, announced 2030 projects about 7% of committed Li-ion capacity. Solid-state: advantages not yet shown in real-world use; all-SSB at prototype stage. E2 for the IEA text; E3 as a world forecast.
IEA GEO 2026. Electric vehicle batteries — Global EV Outlook 2026. https://www.iea.org/reports/global-ev-outlook-2026/electric-vehicle-batteries. As of 2026. Checked 2026-08-28. Type: Official report. -
E3
CATL 2026: 3rd-gen Qilin 280 Wh/kg; Qilin Condensed 350 Wh/kg; aviation line 500 Wh/kg maiden flight (vendor). Shenxing peak 15C, 10–80% in 3 min 44 s. One company event, no independent pack test.
CATL Super Tech Day. CATL Unveils Six Major Innovations. https://www.catl.com/en/news/6811.html. As of 2026-04-21. Checked 2026-08-28. Type: Company report.
Constrained · Limit
5. Bottleneck and limit
What roadmaps do not show
-
E1
500 Wh/kg + 1,000 cycles + automotive: Liu shows the gap (lean Li dies fast). Battery500 2020: 350 Wh/kg / >350 cycles. QS B-sample 301 Wh/kg, yield unsolved. CATL 500 Wh/kg aviation = vendor flight.
Liu et al. Pathways for practical high-energy long-cycling lithium metal batteries. https://www.osti.gov/servlets/purl/1498872. As of 2019-02-25. Checked 2026-08-28. Type: Paper (Nature Energy).DOE Battery500. Battery500: Progress Update. https://www.energy.gov/cmei/articles/battery500-progress-update. As of 2020-05-19. Checked 2026-08-28. Type: Official program note.QS Q3 2024. Q3 Fiscal 2024 Letter to Shareholders (EX-99.1). https://www.sec.gov/Archives/edgar/data/1811414/000095017024116656/qs-ex99_1.htm. As of 2024-10-23. Checked 2026-08-28. Type: SEC filing. -
E2
Na-ion as LFP replacement: IEA GEO 2025 <10% of EVs by 2030 NZE. GEO 2026: cells up to 175 Wh/kg versus LFP 205 / NMC 265; Na manufacturing just over 1% of Li-ion capacity. Sharma: 160→200 Wh/kg target, complementary where ED does not matter. Almost all Na capacity in China.
IEA GEO 2025. Electric vehicle batteries — Global EV Outlook 2025. https://www.iea.org/reports/global-ev-outlook-2025/electric-vehicle-batteries. As of 2025. Checked 2026-08-28. Type: Official report.CATL Naxtra. Naxtra Battery Breakthrough & Dual-Power Architecture. https://www.catl.com/en/news/6401.html. As of 2025-04-21. Checked 2026-08-28. Type: Company report.Sharma et al. Synergistic Role of Transition Metals and Polyanionic Frameworks in Phosphate-Based Cathode Materials for Sodium-Ion Batteries. https://arxiv.org/html/2504.19299v1. As of 2026-08-24. Checked 2026-08-28. Type: Paper (review).IEA GEO 2026. Electric vehicle batteries — Global EV Outlook 2026. https://www.iea.org/reports/global-ev-outlook-2026/electric-vehicle-batteries. As of 2026. Checked 2026-08-28. Type: Official report. -
E1
Fabrication outside China: GEO 2025 3 TWh capacity vs. ~1 TWh demand. GEO 2026: nameplate over 4 TWh by end-2025; China still over 80% of capacity and output. EU/US costs up to 50% higher (without public support).
IEA GEO 2025. Electric vehicle batteries — Global EV Outlook 2025. https://www.iea.org/reports/global-ev-outlook-2025/electric-vehicle-batteries. As of 2025. Checked 2026-08-28. Type: Official report.IEA Commentary 2026. Global battery markets are growing strongly — and so are the supply risks. https://www.iea.org/commentaries/global-battery-markets-are-growing-strongly-and-so-are-the-supply-risks. As of 2026-02-13. Checked 2026-08-28. Type: Official commentary.IEA GEO 2026. Electric vehicle batteries — Global EV Outlook 2026. https://www.iea.org/reports/global-ev-outlook-2026/electric-vehicle-batteries. As of 2026. Checked 2026-08-28. Type: Official report. -
E2
Recycling as mineral buffer: IEA GEO 2025 ~a decade. GEO 2026: recycling today mainly production scrap; EoL batteries take the lead only in the mid-2030s; structural lag about 15 years. China over 85% of recycling capacity.
IEA GEO 2025. Electric vehicle batteries — Global EV Outlook 2025. https://www.iea.org/reports/global-ev-outlook-2025/electric-vehicle-batteries. As of 2025. Checked 2026-08-28. Type: Official report.DOE Blueprint. National Blueprint for Lithium Batteries 2021–2030. https://www.energy.gov/sites/default/files/2021-06/FCAB%20National%20Blueprint%20Lithium%20Batteries%200621_0_0.pdf. As of 2021-06. Checked 2026-08-28. Type: Official blueprint.IEA GEO 2026. Electric vehicle batteries — Global EV Outlook 2026. https://www.iea.org/reports/global-ev-outlook-2026/electric-vehicle-batteries. As of 2026. Checked 2026-08-28. Type: Official report. -
E1
Long-duration storage: deployments ~2 h, rising ≥4 h. IEA: batteries good for 1–8 h. UPS (datacenters) 45 GW 2025 = short-time bridge, not grid shifting.
IEA GER 2026. Technology: Battery storage — Global Energy Review 2026. https://www.iea.org/reports/global-energy-review-2026/technology-battery-storage. As of 2026. Checked 2026-08-28. Type: Official report.IEA GEO 2025. Electric vehicle batteries — Global EV Outlook 2025. https://www.iea.org/reports/global-ev-outlook-2025/electric-vehicle-batteries. As of 2025. Checked 2026-08-28. Type: Official report. -
E2
“Solid-state” semantics: IEA covers fully-solid to quasi-solid. QS: inorganic ceramic + organic liquid catholyte in current prototypes.
IEA GEO 2025. Electric vehicle batteries — Global EV Outlook 2025. https://www.iea.org/reports/global-ev-outlook-2025/electric-vehicle-batteries. As of 2025. Checked 2026-08-28. Type: Official report.QS 10-K. Form 10-K for the fiscal year ended December 31, 2024. https://www.sec.gov/Archives/edgar/data/1811414/000095017025027308/qs-20241231.htm. As of 2024. Checked 2026-08-28. Type: SEC 10-K. -
E2
Frith Table 1 (illustrative, one 78 Ah ID.3 pouch vs 2032 Li-metal coin): N/P >10 vs 1.04; electrolyte »30 vs 1 g Ah⁻¹; pos. areal «2 vs 5.02 mAh cm⁻². Lab coin ≠ automotive cell. First commercial SSB “expected” ≥350 Wh kg⁻¹ / ≥900 Wh L⁻¹ — target language, not a measured EV product. Authors: no off-the-shelf EV ASSB; no purely solid polymer at ~25 °C at TRL 5 (as of the paper).
Frith, Lacey, Ulissi. A non-academic perspective on the future of lithium-based batteries. https://www.nature.com/articles/s41467-023-35933-2.pdf. As of 2023-01-26. Checked 2026-09-01. Type: Paper (Nature Communications perspective, OA). -
E2
Betz theoretical cell energies in Janek & Zeier (LIB NCA/graphite 265 Wh kg⁻¹ / 635 Wh L⁻¹ vs SSB NCA/Li theoretical 393 / 1143) must not be mixed with Frith cell Wh or IEA pack Wh — review citation ≠ measured EV pack.
Janek & Zeier. Challenges in speeding up solid-state battery development. https://doi.org/10.1038/s41560-023-01208-9. As of 2023-02-23 (Nat. Energy 8, 230–240); JuSER OA revised MS. Checked 2026-09-06. Type: Paper (Nature Energy review; JuSER OA PDF).Frith, Lacey, Ulissi. A non-academic perspective on the future of lithium-based batteries. https://www.nature.com/articles/s41467-023-35933-2.pdf. As of 2023-01-26. Checked 2026-09-01. Type: Paper (Nature Communications perspective, OA).
6. Actors and incentives
Who fabricates, who projects, who risks
-
E1
IEA measures demand, prices, chemistry shares, and China concentration (GEO 2025 and GEO 2026); NZE is a policy path. Frith/Lacey/Ulissi (industry perspective 2023) measure pack vs cell on published specs.
IEA GEO 2025. Electric vehicle batteries — Global EV Outlook 2025. https://www.iea.org/reports/global-ev-outlook-2025/electric-vehicle-batteries. As of 2025. Checked 2026-08-28. Type: Official report.IEA Commentary 2026. Global battery markets are growing strongly — and so are the supply risks. https://www.iea.org/commentaries/global-battery-markets-are-growing-strongly-and-so-are-the-supply-risks. As of 2026-02-13. Checked 2026-08-28. Type: Official commentary.IEA GEO 2026. Electric vehicle batteries — Global EV Outlook 2026. https://www.iea.org/reports/global-ev-outlook-2026/electric-vehicle-batteries. As of 2026. Checked 2026-08-28. Type: Official report. -
E2
CATL is the volume leader (vendor + SNE) and the source of the Na-ion and 350 Wh/kg claims.
CATL AR news. CATL Releases 2025 Annual Report. https://www.catl.com/en/news/6773.html. As of 2026-03-10. Checked 2026-08-28. Type: Company report.CATL Super Tech Day. CATL Unveils Six Major Innovations. https://www.catl.com/en/news/6811.html. As of 2026-04-21. Checked 2026-08-28. Type: Company report. -
E2
QuantumScape SEC: the hardest primary source against its own roadmap is the risk factors.
QS Q3 2024. Q3 Fiscal 2024 Letter to Shareholders (EX-99.1). https://www.sec.gov/Archives/edgar/data/1811414/000095017024116656/qs-ex99_1.htm. As of 2024-10-23. Checked 2026-08-28. Type: SEC filing.QS 10-K. Form 10-K for the fiscal year ended December 31, 2024. https://www.sec.gov/Archives/edgar/data/1811414/000095017025027308/qs-20241231.htm. As of 2024. Checked 2026-08-28. Type: SEC 10-K.
7. State of the dispute
Incumbent Li-ion vs. new chemistries
-
E2
IEA GEO 2025: 2023–24 surge in Li-ion posing a formidable challenge for emerging technologies. GEO 2026: Na-ion 175 Wh/kg versus LFP 205; CATL 175 Wh/kg stands against falling LFP prices (packs minus 8% in 2025).
IEA GEO 2025. Electric vehicle batteries — Global EV Outlook 2025. https://www.iea.org/reports/global-ev-outlook-2025/electric-vehicle-batteries. As of 2025. Checked 2026-08-28. Type: Official report.CATL Naxtra. Naxtra Battery Breakthrough & Dual-Power Architecture. https://www.catl.com/en/news/6401.html. As of 2025-04-21. Checked 2026-08-28. Type: Company report.IEA GEO 2026. Electric vehicle batteries — Global EV Outlook 2026. https://www.iea.org/reports/global-ev-outlook-2026/electric-vehicle-batteries. As of 2026. Checked 2026-08-28. Type: Official report. -
E1
DOE 2030 goal: <60 USD/kWh, 500 Wh/kg. Liu 2019: the same path destroys cycle life under lean/thin-Li.
Liu et al. Pathways for practical high-energy long-cycling lithium metal batteries. https://www.osti.gov/servlets/purl/1498872. As of 2019-02-25. Checked 2026-08-28. Type: Paper (Nature Energy).DOE Blueprint. National Blueprint for Lithium Batteries 2021–2030. https://www.energy.gov/sites/default/files/2021-06/FCAB%20National%20Blueprint%20Lithium%20Batteries%200621_0_0.pdf. As of 2021-06. Checked 2026-08-28. Type: Official blueprint.
8. Open questions
- Janek & Zeier Nature Energy 2023 — opened 2026-09-07 as source 20 (JuSER OA revised MS; checked 2026-09-06). Nature typeset PDF and Betz primary paper separately.
- Frith Supplementary Note 1 (Fig. 3 right-panel pack-vs-theory bars as guidelines only).
- IEA GEO 2026 full PDF and other chapters (only the EV-batteries HTML opened).
- CATL 2025 annual report HKEX PDF — sodium GWh actuals.
- QuantumScape 10-K FY2025 + Q2/Q3 2026 letter.
- BYD HKEX/SZSE annual report — E0 so far.
- Whittingham Chem. Rev. 2014 — ultimate intercalation limits.
- Battery500 AMR 2023–2025 — whether 450/500 Wh/kg held.
- Independent Naxtra cell test (CATARC).
- BNEF Price Survey 2025 as primary.
9. Changes
- v1.3-draft2026-09-07: Janek & Zeier Nat. Energy 2023 (source 20, E2, JuSER OA) opened — four SSB challenges; niche vs mass market left open; do not mix Betz theoretical Wh with Frith/IEA pack.
- v1.2-draft2026-09-01: Frith/Lacey/Ulissi Nat. Commun. 2023 (source 19, OA PDF) opened — commercial cells ≥270 Wh kg⁻¹ / ≥650 Wh L⁻¹; cell price $101 kWh⁻¹ 2021; LFP CTP pack 135 Wh kg⁻¹ / 210 Wh L⁻¹ at 64% vol. packing. Cell ≠ IEA pack.
- v1.1-draft2026-08-28: IEA GEO 2026 EV batteries (1.2 TWh 2025, LFP over 55%, 4 TWh nameplate) folded into layers 1–3.
- v1.0-draftFirst version from the 2026-08-28 verification log.
10. Sources
| No. | Source | As of | Checked | Grade |
|---|---|---|---|---|
| 1 | . Electric vehicle batteries — Global EV Outlook 2025. https://www.iea.org/reports/global-ev-outlook-2025/electric-vehicle-batteries. Type: Official report. | E1 | ||
| 2 | . Batteries and Secure Energy Transitions — Executive Summary. https://www.iea.org/reports/batteries-and-secure-energy-transitions/executive-summary. Type: Official report. | E1 | ||
| 3 | . Status of battery demand and supply. https://www.iea.org/reports/batteries-and-secure-energy-transitions/status-of-battery-demand-and-supply. Type: Official report. | E1 | ||
| 4 | . Outlook for battery demand and supply. https://www.iea.org/reports/batteries-and-secure-energy-transitions/outlook-for-battery-demand-and-supply. Type: Official report. | E2 | ||
| 5 | . Technology: Battery storage — Global Energy Review 2026. https://www.iea.org/reports/global-energy-review-2026/technology-battery-storage. Type: Official report. | E2 | ||
| 6 | . Global battery markets are growing strongly — and so are the supply risks. https://www.iea.org/commentaries/global-battery-markets-are-growing-strongly-and-so-are-the-supply-risks. Type: Official commentary. | E2 | ||
| 7 | . National Blueprint for Lithium Batteries 2021–2030. https://www.energy.gov/sites/default/files/2021-06/FCAB%20National%20Blueprint%20Lithium%20Batteries%200621_0_0.pdf. Type: Official blueprint. | E2 | ||
| 8 | . Pathways for practical high-energy long-cycling lithium metal batteries. https://www.osti.gov/servlets/purl/1498872. Type: Paper (Nature Energy). | E1 | ||
| 9 | . Battery500: Progress Update. https://www.energy.gov/cmei/articles/battery500-progress-update. Type: Official program note. | E2 | ||
| 10 | . Q3 Fiscal 2024 Letter to Shareholders (EX-99.1). https://www.sec.gov/Archives/edgar/data/1811414/000095017024116656/qs-ex99_1.htm. Type: SEC filing. | E2 | ||
| 11 | . Form 10-K for the fiscal year ended December 31, 2024. https://www.sec.gov/Archives/edgar/data/1811414/000095017025027308/qs-20241231.htm. Type: SEC 10-K. | E2 | ||
| 12 | . Naxtra Battery Breakthrough & Dual-Power Architecture. https://www.catl.com/en/news/6401.html. Type: Company report. | E3 | ||
| 13 | . CATL and CHANGAN Launch World’s First Mass-Production Sodium-Ion Passenger Vehicle. https://www.catl.com/en/news/6720.html. Type: Company report. | E3 | ||
| 14 | . CATL Unveils Six Major Innovations. https://www.catl.com/en/news/6811.html. Type: Company report. | E2 | ||
| 15 | . CATL Debuts World's First Field-Validated Sodium-Ion BESS. https://www.catl.com/en/news/6861.html. Type: Company report. | E3 | ||
| 16 | . CATL Releases 2025 Annual Report. https://www.catl.com/en/news/6773.html. Type: Company report. | E2 | ||
| 17 | . Synergistic Role of Transition Metals and Polyanionic Frameworks in Phosphate-Based Cathode Materials for Sodium-Ion Batteries. https://arxiv.org/html/2504.19299v1. Type: Paper (review). | E2 | ||
| 18 | . Electric vehicle batteries — Global EV Outlook 2026. https://www.iea.org/reports/global-ev-outlook-2026/electric-vehicle-batteries. Type: Official report. | E2 | ||
| 19 | . A non-academic perspective on the future of lithium-based batteries. https://www.nature.com/articles/s41467-023-35933-2.pdf. Type: Paper (Nature Communications perspective, OA). | E2 | ||
| 20 | . Challenges in speeding up solid-state battery development. https://doi.org/10.1038/s41560-023-01208-9. Type: Paper (Nature Energy review; JuSER OA PDF). | E2 |
11. Uncertainty log
Overall uncertainty of this entry, bound to the verification log of 2026-08-28 plus Frith 2026-09-01 plus Janek & Zeier 2026-09-07. 20 openings. Do not mix Frith cell price $101 kWh⁻¹ (2021) with IEA pack minus 8% (2025); do not mix Betz theoretical Wh (Janek & Zeier) with Frith/IEA pack. Not used as warrant: electrive, BNEF directly, Wikipedia.
- Established (layer 1): 1 TWh 2024; EV batteries 1.2 TWh 2025; LFP over 55%; China over 80%; Frith commercial cells ≥270 Wh kg⁻¹ and LFP CTP 135 Wh kg⁻¹ pack; lean-Li cycle death; Janek & Zeier four SSB challenges.
- Claimed (layer 2): NZE 1,200 GW; CATL 175 Wh/kg / 1 GWh sodium; QS 844 Wh/L; CATL 350/500 Wh/kg.
- Constrained (layer 3): TRL 6 solid-state; Betz theoretical Wh ≠ pack; Na vs. cheap LFP; overcapacity; recycling ~10 years; 500 Wh/kg not an EV product.
Not opened (not a warrant)
- Janek & Zeier Nature Energy 2023 — opened 2026-09-07 as source 20 (JuSER OA revised MS; checked 2026-09-06). Nature typeset PDF and Betz primary paper unopened.
- Frith, Lacey, Ulissi Nat. Commun. 2023 — opened 2026-09-01 (source 19, OA PDF). Supplementary Note 1 not as a separate file.
- CATL 2025 annual report HKEX PDF — 429.
- IEA GEO 2026 full PDF / other chapters — only the EV-batteries HTML opened.
- BNEF Price Survey — pack prices only via IEA.
- Whittingham Chem. Rev. 2014; Battery500 AMR 2023.
- BYD filings; Toyota/Samsung SDI/Honda solid-state primaries.
- Betz et al. theoretical Wh cited only via Janek & Zeier — do not mix with Frith/IEA pack.