This episode is a deep dive into the real power shifts in China's EV supply chain and how competitive forces are shaping up in the battery chemistry labs, EV gigafactories and in energy-storage systems.⏱️ Timestamps:00:39 China’s internal combustion engine (ICE) era vs current EV era? 03:45 Is the EV industry still in the hyper-growth phase?08:45 Threat from European and Japanese automobile OEMs11:15 Are ICE incumbents playing defense or offense?17:20 Can autonomous driving or robotaxi be a credible P&L driver?21:07 Why is market sentiment so weak for BYD?22:35 What will define shareholder value for China EV OEMS in 2026?25:23 Do EV battery makers offer superior returns in the value chain?28:18 What competencies must battery makers possess to deliver performance and minimise switching costs for customers?31:28 How should investors analyse CATL's chemistry roadmap?33:31 How CATL turns high-charge LMP, LMFP and Sodium-Ion into mainstream technologies36:40 Future of next-gen semi solid state battery technology38:05 Can energy storage systems (ESS) become the second engine that smooths EV cyclicality for battery majors?39:52 Government policies for energy storage systems?41:27 CATL (3750 HK) vs CNGR Adv Material (2579 HK)