Battery prices, China EV shift, US vs Europe, Energy storage | Cormac O'Laoire

Jan 13, 2026

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In the January 2026 episode of the Recharge Podcast, we (Matt from RK Equity / Battery Materials Review and Cormac O'Laoire, Managing Director at Electrios Energy) review the key battery and EV market signals coming out of 2025 and what they imply for 2026.

Chapters

(00:00) Intro
(01:34) 2025 EV Demand Shift
(06:36) China: BYD And New Rivals
(10:02) China: Subsidies And Growth
(12:26) US Vs Europe EV Trends
(18:32) Europe Targets And Supply Chain
(22:13) China Export Rebate Changes
(24:26) Energy Storage Boom
(27:57) Materials And Cell Prices
(33:14) Next-Gen Storage Options
(42:41) New Demand Drivers
(48:01) Outro

We cover how China’s EV market is shifting toward PHEVs and EREVs, including policy-driven changes to minimum electric-only range and the resulting push toward larger battery packs. We also discuss the changing competitive landscape in China—where smaller EVs can still top sales charts even as OEMs compete aggressively in higher-end segments.

Outside China, we compare the 2025 outcomes in the US and Europe, including the US slowdown late in the year, Europe’s stronger-than-expected growth, and what Chinese OEM and battery supply chain investment could mean for European market structure.

On the supply chain side, we unpack China’s export rebate changes and how they may affect Tier 2 battery makers, near-term energy storage battery availability, and the balance between domestic Chinese demand and export flows. We then turn to raw materials and cell pricing—why lithium, nickel, cobalt and manganese trends matter, how inventories and contracting can delay price pass-through, and where higher-duration energy storage systems may feel cost pressure first.

Finally, we look at potential demand drivers that may be underappreciated—including Class 8 electric trucking, marine electrification, higher energy density chemistries, and longer-term battery demand from robotics and automation.

Topics covered:

- China EV market: PHEVs/EREVs, policy shifts, and competitive dynamics
- US vs Europe EV demand trends and market structure implications
- China export rebate changes and impacts on battery supply and pricing
- Lithium and broader raw material pricing pass-through into cells and ESS
- Energy storage duration economics, hybrid chemistries, and long-duration alternatives