Follow PSR’s team of analysts as they track the rapidly expanding global battery electric power market, including, battery technology, transportation, eMobility, mergers and acquisitions and more.
Mitsubishi Logisnext plans to increase the electrification rate of its forklifts from approximately 60% to 90% by 2035. The company has its roots in Mitsubishi Heavy Industries and Nissan Motor Co., Ltd., and it specializes in high-output engine vehicles. However, the global electrification rate has already surpassed 70%, with Chinese companies leading the way in technology. To catch up, the company is introducing new models in China that align with the trend toward electrification.
“The price of lithium-ion batteries has dropped, which has led to increased customer demand for electric forklifts,” said President Maeno of Mitsubishi Logisnext. He highlighted the need to expand the company’s product lineup to meet market needs. As part of this strategy, the company plans to introduce a locally produced electric vehicle model in China by the 2025 fiscal year. The key feature is thorough “localization.” The company has adopted locally sourced batteries, motors, hydraulic components, and other parts to reduce prices to levels comparable to those of Chinese manufacturers. Until now, the company has sold vehicles developed in Japan but has struggled against low-priced local competitors. In China, battery prices have fallen rapidly due to the increased popularity of electric vehicles (EVs). Mitsubishi Logisnext has adopted a “when in Rome, do as the Romans do” strategy to counter this trend. Depending on sales performance, the company plans to expand into markets such as Southeast Asia.
The May 2025 issue of the Alternative Power Report contains articles on Volvo’s launch of the world’s first electric articulated Hauler, Aeson Power’s new sodium battery products, the IMO votes on the first-ever global carbon price on shipping, and a report on CATL’s next generation batteries. Read it all here. PSR
Guy Youngs is Forecast and Technology Adoption Lead at Power Systems Research
The rising demand for zero-emission mobility goes beyond the nice idea of preventing a catastrophic climate crisis. EVs are a better fit for the connected, electrified lifestyle of the 21st century; they offer more opportunities for convenience, they are more useful for weathering power outages and climate-connected emergencies, and they are more adaptable to the needs of fleet managers, among other advantages.
However, while some researchers note that “salt batteries” are not quite ready for prime time, other stakeholders — including industry leader CATL — are already laying plans for mass production. Last month, CATL also burned up the Internet when it announced a suite of two sodium-ion batteries ready for full volume production by the end of this year.
The U.S. had a robust policy in place to promote the adoption of electric cars, and it used all the tools conservatives say they like — carrots such as financial incentives instead of sticks such as mandates. But now, according to the IEA (International Energy Agency), USA is moving backwards while the rest of the world continues to move forward.
In its EV Global Outlook 2025 report, the IEA says that 20% of new cars sold worldwide in 2024 were electric, a definition that includes plug-in hybrids as well as battery-electric cars.
The world’s sources of critical minerals are increasingly concentrated in just a few countries, most notably China, leaving the global economy vulnerable to supply cutoffs that could disrupt economies and hit consumers with higher prices, a report from International Energy Agency (IEA) has stated.
The report looked at the availability of minerals and metals that may be small in quantity but large in impact when it comes to shifting the economy away from fossil fuels toward electricity and renewable energy.
A few weeks ago, BYD announced new battery technology that allows electric cars to recharge in about 5 minutes. This month, at the annual Shanghai Auto Show, CATL fired back with fast charging news of its own. It claims its second generation Shenxing battery can add 520 kilometers (323 miles) of range in just five minutes of charging time. The BYD announcement claims its batteries can add 400 kilometers (250 miles) in 5 minutes using a Level 3 fast charger
At EES Europe 2025, one of the leading events for the energy storage industry, Aeson Power debuted its sodium battery energy storage product line, including the SIBPOM-4850 for telecommunications, the SIBPOM-12100 for UPS, and the SIBPOM-125kWh energy storage cabinet for C&I-scale use.
French Conseil d’Analyse Économique (CAE) and the German Council of Economic Experts (GCEE) finally weighed in on the EV vs. Hydrogen debate. And they didn’t fall for the hydrogen fantasy. Instead, they did what economists do best: they looked at the numbers, ran the models, and calmly declared that battery-electric trucks are not just viable—they’re the smart bet
Researchers at the University of Waterloo, Ontario, Canada, have developed a new electrolyte system for magnesium anodes, which they claim demonstrates a potential alternative to lithium-ion electric vehicle batteries through superior performance.
The team suggests halide-free Mg batteries surpass previous batteries in terms of safety, efficiency and stability. The aging effects of energy storage are also apparently mitigated with magnesium, which the team claimed would lead to a longer lifespan of the battery.
KG Motors, which manufactures and sells the ultra-compact “mibot” EV, is moving toward mass production of the units. It will start mass production in October 2025 at an assembly plant it has built near its headquarters. The company plans to produce 300 units in FY2025, 3,000 units in FY2026, and 10,000 units in FY2027.
The mibot is a one-person vehicle designed for short-distance travel, with a range of 100 kilometers per charge. The planned price at the time of mass production is 1.1 million yen ($7,700 USD), including consumption tax.
The assembly plant in Higashi Hiroshima City consists of a single production line with a main line of seven processes and a subline of four processes. Since there are only a few parts, the number of processes is less than that of a normal automobile production line.
