Table of contents
EVs to drive initial growth phase in car li-ion batteries; focus on earnings disparities 3
Valuation: We forecast share price premiums for next year or two 5
Li-ion battery market poised to grow 2.2X by 2014 8
Solid demand growth prospects for EVs on govt. subsidies and battery cost declines 11
Shift in HEVs to li-ion batteries lagging; NiMH batteries should still see use 17
Automakers’ stance on eco-cars 18
Outlook for consumer electronics (CE) li-ion batteries 22
Buyers key to profit growth prospects of battery/materials suppliers; watch Nissan-affiliated suppliers 23
Car li-ion battery makers 28
Breakdown of technological trends by battery material: We highlight Ube Industries and Furukawa Electric 33
Company comments 40
Appendix 46
Disclosures 48