Another two Giga factories are about to become a reality. The supply excess will quickly turn to deficit once Tesla cranks up and the other join in.

PSA Group And Saft Announce Two EV Battery Gigafactories

https://insideevs.com/news/396102/psa-group-saft-two-ev-battery-gigafactories/

Two plants - first in France and the second one in Germany - with a total of 48 GWh of installed manufacturing capacity. French battery manufacturer Saft (part of Total since 2016) and the PSA Group (with its Opel brand) officially announced plans for two lithium-ion EV battery cell plants in Europe.The French-German alliance intends to establish a joint venture named Automotive Cell Company (ACC), with a total output of 48 GWh annually by 2030 (not as high as earlier rumors were suggesting - 64 GWh), through a €5 billion investment, supported by nearly €1.3 billion in public funding from the European Union.