Summary of Key Points from the Conference Call on Solid-State Batteries Industry Overview - The focus is on the solid-state battery (SSB) industry, particularly in China, where companies are participating in the Ministry of Industry and Information Technology's (MIIT) Rmb6 billion SSB project [2][38]. Core Insights and Arguments - **Market Performance**: Chinese solid-state battery thematic stocks have surged by 50-110% since August 1, 2025, outperforming the CSI300 index, which increased by 17% [2]. - **Testing Challenges**: Pilot line sample testing is currently underway, but results may not be satisfactory. An industry expert indicated that many samples may not pass safety tests due to issues with sulfide electrolytes, which decompose at around 200°C and can ignite [4][10][12]. - **Safety Concerns**: The safety features of all-solid-state batteries (ASSB) are under scrutiny. The expert noted that ASSBs may not provide significant safety advantages over traditional liquid lithium batteries, raising questions about their necessity for electric vehicles (EVs) [4][12]. - **Production Viability**: The commercialization of ASSBs is viewed as a distant goal, with material costs being over ten times higher than liquid-based systems. The expert predicts limited deployment in premium EVs by 2027, with widespread adoption unlikely before 2030 [12][40]. - **Government Support**: There are concerns that government support for SSB research may decline following the initial Rmb6 billion project due to emerging challenges [6][12]. Key Players - **CATL**: Identified as the leading domestic contender in ASSB technology, with over 2,000 dedicated researchers and a focus on addressing various failure modes. CATL's innovations include a condensed battery with an energy density of 500 Wh/kg and self-forming anode technology that could increase energy density by up to 60% volumetrically and 50% gravimetrically [6][12][16]. - **Other Participants**: Companies involved in the MIIT's ASSB program include BYD, Geely, and FAW for sulfide-based ASSB, and SAIC Qingtao and Welion for polymer-based ASSB [10][12]. Regulatory Developments - **Emerging Standards**: The China Automotive Engineering Society published a standard for all-solid-state batteries in May 2025, aiming to clarify definitions and testing methods for different battery types [6][30][31]. - **Technical Requirements**: The MIIT's SSB program has set comprehensive metrics for participating companies, including energy density targets of 400 Wh/kg and safety tests that must withstand temperatures above 200°C [11][44]. Market Trends - **Shift to Semi-Solid-State Batteries**: Many companies are pivoting towards semi-solid-state solutions, which face lower technical barriers but do not significantly improve energy density compared to liquid batteries [12]. - **Anode-Free Technology**: CATL's self-forming anode technology is highlighted as a significant advancement, allowing for higher energy densities and flexibility across various battery systems [16][24]. Conclusion - The solid-state battery industry in China is experiencing rapid developments, but significant technical and safety challenges remain. While government support and market enthusiasm are present, the path to widespread commercialization is fraught with obstacles, and the future of ASSBs in the EV market remains uncertain.