CATL

The British carmaker, which is launching its electric SUV early next month in India, plans to set up a battery assembly plant in two years for its electric car models.

Previously, a mere €240 million (Rs1,870 crore) was set to flow into the giga-factory. The corporation’s management reasoned new demand for its battery cells made more investment necessary.

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.