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Tuesday 16 April 2024
Report: China now makes enough batteries for global EV production
China already has enough battery manufacturing capacity to supply all global EV production, according to Bloomberg New Energy Finance.
BNEF estimates to global battery-cell demand for both EVs and energy storage came in at around 950 gigawatt-hours in 2023—but manufacturing capacity was more than twice that, at around 2,600 gigawatt-hours.
China's declared 2023 battery production alone was close to the actual global demand, according to BNEF, which notes that the U.S., Canada, Europe, and India are now incentivizing local battery production to compete with China—making the gap between supply and demand even greater.
Read the whole story on greencarreports.com