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Why the U.S. and China are racing to build batteries

Did you know that competition in the global battery market is heating up? Well, it is.

Commonly used in portable electronics like cellphones, lithium-ion batteries are set to become extremely valuable in the coming years thanks to the next-generation of cars (and other technological advancements, of course).

Knowing there's going to be an increasing demand for batteries, China and the United States are scrambling for a piece of that pie, leaving them locked in a race to construct what’s being dubbed as ‘megafactories.'

To learn more, watch the video above.