Gotion High-tech (SHE:002074) said the world is shifting its focus on green energy as the war in Iran made disruptions on the global oil supply, Bloomberg News reported Thursday, citing its founder and chairman.
Chairman Li Zhen told Bloomberg Television in an interview that the world is "placing more emphasis" on new energy, such as solar and wind, with cost improvements in batteries enabling governments to become more self-sufficient and not reliant on fossil fuel "from a few countries", the media outlet said.
Li predicted that the demand for energy storage systems will jump five times higher than electric vehicles as artificial intelligence becomes more rampant in the long run, giving more opportunities for the battery maker's expansion, Bloomberg said.
Data from the China Passenger Car Association showed a doubling of China's electric and hybrid vehicle exports, showing industries and consumers looking for energy supply alternatives, according to the report.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)