A full global transition to electric vehicles (EVs) will require a dramatic increase in battery production to meet the scale of demand. As many as 700 million battery EVs may be on the road by 2040, according to a June 2023 report by BloombergNEF. Vineet Mehta, Director of Battery Technology and System Architecture at Tesla, estimated in 2022 that a complete transition to electric transportation will require around ten terawatt hours (TWh) of battery production by 2030. By the end of 2022, total global manufacturing capacity sat at around 1.2TWh.
