![]() ![]() This milestone comes amid accelerating EV uptake driven by three key factors: evolving regulations, OEM sustainability targets, and increased customer pull as OEMs broaden their product portfolios. 3 For more on the continued uptake of EVs, see Julian Conzade, Andreas Cornet, Patrick Hertzke, Russell Hensley, Ruth Heuss, Timo Möller, Patrick Schaufuss, Stephanie Schenk, Andreas Tschiesner, and Karsten von Laufenberg, “ Why the automotive future is electric,” September 7, 2021,. ![]() In 2020, for the first time, the global number of EVs on the road surpassed ten million. Building out the necessary manufacturing capabilities and capacities will require joint efforts across the entire industry-particularly by leading players in China, Europe, and the United States. But as demand continues to accelerate, so too must supply. Established battery cell companies and emerging start-ups have announced combined plans to build production capacity of up to approximately 960 GWh in Europe alone by 2030, growing 20-fold from 2020 and accounting for 33 percent of global, announced battery cell production capacity of around 2,900 GWh in 2030. In some cases, supply cannot be scaled quickly enough to keep up. sales continue to gain market share, the demand for batteries is ramping up with 30 percent year-over-year growth around the world, reaching 3,900 gigawatt hours (GWh) 2 Includes batteries for passenger cars, commercial vehicles, and nonmobility use. As electric vehicle (EV) 1 Refers to battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles. ![]()
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