The battery industry needs to invest $200 billion in gigafactories to meet the growing demand for electric vehicles and energy storage by 2030, according to an analysis by Benchmark.
The demand for lithium ion batteries is expected to increase six-fold by the end of the decade compared to 2021. Given that a factory takes at least two to three years to build, the $200 billion equates to nearly $29 billion every year to 2028.
Automakers from Tesla to Rivian have warned of an impending shortage of batteries, as sales of electric vehicles have remained strong this year despite Covid . . .
