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With a production capacity of ** gigawatt hours, the Tesla Gigafactory in the United States was the largest lithium-ion battery factory in the world in 2020. LG Chem in Poland and Contemporary Amperex Technology Co., Limited (CATL) in China also stood as global leaders that year for lithium-ion battery manufacturing, with matching production capacities of ** gigawatt hours.

The increasing demand for lithium-ion batteries

In addition to an increasing demand for electricity in daily usage, existing transportation infrastructure is rapidly shifting to electric power. By 2050, more than 80 percent of new cars sold are expected to be battery-powered, thus making the production of batteries even more crucial. Due to their safety, high energy density, and compact size, lithium-ion batteries have come to dominate the market. The demand for lithium-ion batteries used in electric vehicles (EVs) is projected to grow five-fold between 2021 and 2030.

The lithium-ion battery market in China

Many countries have experienced considerable growth in EV sales, with China taking the lead: In 2021, more than *** million EVs were sold in China. This high demand for EVs will directly increase the demand for lithium-ion batteries. By 2030, Chinese demand for lithium-ion batteries is expected to increase to *** GWh, half of the global demand in the same year.