The battery industry has entered a new phase. In 2024 battery demand reached 1 TWh, pack price dropped below USD 100 per kWh, and global battery manufacturing capacity reached 3 TWh. Production capacity could triple in five years.
https://www.iea.org/commentaries/the-battery-industry-has-entered-a-new-phase
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“Today, China produces over three-quarters of batteries sold globally, and in 2024 average prices dropped faster there than anywhere else in the world, falling by nearly 30%. Batteries in China were reported to be cheaper than in Europe and North America by over 30% and 20%, respectively. Declining battery prices in recent years are a major reason why many electric vehicles (EVs) in China are now cheaper than their conventional counterparts.”
[The EU will phase out fossil fuel vehicle sales in 2035](https://www.reuters.com/business/autos-transportation/eu-sticks-2035-zero-emissions-target-new-cars-2025-03-05/), and is proposing to [eliminate subsidies for fossil fuel vehicles](https://www.reuters.com/business/autos-transportation/eu-promote-company-evs-with-end-tax-breaks-fossil-fuel-corporate-cars-2025-03-04/).
For reference. 3 TWh is about 9 days of London energy consumption.