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The battery serves as the equivalent of a fuel tank in an internal combustion engine and stores electrical energy. The battery capacity of an EV is frequently what determines its maximum range—the bigger the capacity, the longer the range.
In that regard, boosting the capacity could seem like a no-brainer as long driving distances eliminate the bothersome requirement for refuelling stops every few miles. The decision is actually not as straightforward because the battery’s size and weight have a significant impact on how well the car performs.
The larger and heavier battery reduces cabin/storage room and affects fuel economy and energy efficiency. Therefore, increasing the battery’s energy density, or having a tiny, light battery that stores the most energy, is the greatest strategy to enhance performance.
The Taiwan EV battery market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2024 to 2030.
The contract electronics manufacturer Foxconn Technology Group of Taiwan began constructing its first facility to make electric-car batteries, marking its most recent entry into the burgeoning electric-vehicle market.
Lithium iron phosphate batteries, a type of battery technology promoted by Tesla Inc., will be made by Foxconn.
Foxconn, well known as the largest contract manufacturer of Apple Inc.’s iPhones, has been attempting to enter the electric car market recently in an effort to increase its profit margins.
In Taiwan, the business intends to establish a supply chain for electric vehicle batteries.
If Taiwan created a battery supply chain, it might further enhance its position in the global economy, which is already enhanced by its supremacy in the global semiconductor supply chain.
