Featured in Racing towards high performance – 06-2019

China’s battery boom

The global energy storage market is poised to grow rapidly in the coming years, with Bloomberg New Energy Finance (BNEF) predicting $620 billion in investment over the next two decades will push cumulative global installations to 942 GW/2,857 GWh by 2040. Declining lithium-ion battery costs are driving much of this growth, with BNEF expecting the cost of utility-scale storage systems to fall roughly 52% through 2030, following an approximate 80% slide in the average price of lithium-ion battery packs in the first seven years of the current decade.

By

Brian Publicover

04 Jun 2019

Image: BYD

Just as reports are emerging that Tesla and Panasonic may scale back their plans to ramp up output at Gigafactory 1 in Nevada, other manufacturers in East Asia are racing to expand production. Of course, Tesla is not resting on its laurels, as it began construction on its third Gigafactory in Shanghai in December. But …

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