Watt next? Less than promised

How capital discipline—not chemistry hype—is reshaping battery strategy.

For much of the past decade, the electric-vehicle industry ran on a potent blend of technological optimism and cheap money. Carmakers promised a swift shift from internal combustion to battery power; investors, buoyed by low interest rates and green zeal, obliged. Capital flooded into gigafactories, vertically integrated supply chains and speculative battery ventures. Companies such as Volkswagen Group and General Motors pledged tens of billions of dollars to electrification. Startups, including Rivian and Lucid Motors, raised vast sums before turning a profit.